1MDB makes IPIC payment one day ahead of deadline

 |Aug 11, 2017

KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) has paid the International Petroleum Investment Company (IPIC) US$360 million one day ahead of an extended deadline.

Quoting a statement issued by 1MDB on the matter, online newsportal Free Malaysia Today reported that all funds paid to IPIC are from the proceeds of ongoing rationalisation programme.

“The balance of the original July 31, 2017 payment obligation to IPIC is accordingly now due on Aug 31, 2017,” the state investment fund was quoted as saying.

1MDB was supposed to settle its debt with IPIC amounting to US$1.2 billion in two installments.

The first payment of about US$600 million was due on July 31 however 1MDB was given an extension after failing to do so.

IPIC, Abu Dhabi’s sovereign fund, on Aug 8, extended the deadline to end of August.

However, it said at least US$310 million was to be paid by tomorrow. – MO