Xinhua, Kuala Lumpur :
Malaysia’s state investment fund 1Malaysia Development Berhad (1MDB) said Friday that it has remitted 350 million U.S. dollars to Abu Dhabi’s International Petroleum Investment Company(IPIC).
“1MDB is pleased to announce that pursuant to the Amendment dated Aug. 8, 2017 to the Settlement Deed with Minister of Finance (Incorporated) Malaysia and International Petroleum Investment Company PJSC (IPIC), 1MDB has now remitted, to date, the equivalent of 350 million U.S. dollar to IPIC.,” the Malaysian state fund said.
The balance of the original July 31 payment obligation to IPIC is accordingly now due on Aug. 31, 2017.
1MDB and IPIC agreed on a settlement over a dispute earlier this year, with 1MDB agreeing to make certain payments to IPIC and to assume responsibility for all future interest and principal payments for two bonds issued by 1MDB Group companies due in 2022.
1MDB said all payments due to IPIC would be made from the proceeds of its rationalization plan. It failed to meet the previous deadline, saying it was due to the need for additional regulatory approvals.
IPIC later agreed to extend the original debt payment deadline of July 31 for the troubled state fund, with at least 310 million U.S. dollars to be paid by Aug. 12.
Malaysia’s state investment fund 1Malaysia Development Berhad (1MDB) said Friday that it has remitted 350 million U.S. dollars to Abu Dhabi’s International Petroleum Investment Company(IPIC).
“1MDB is pleased to announce that pursuant to the Amendment dated Aug. 8, 2017 to the Settlement Deed with Minister of Finance (Incorporated) Malaysia and International Petroleum Investment Company PJSC (IPIC), 1MDB has now remitted, to date, the equivalent of 350 million U.S. dollar to IPIC.,” the Malaysian state fund said.
The balance of the original July 31 payment obligation to IPIC is accordingly now due on Aug. 31, 2017.
1MDB and IPIC agreed on a settlement over a dispute earlier this year, with 1MDB agreeing to make certain payments to IPIC and to assume responsibility for all future interest and principal payments for two bonds issued by 1MDB Group companies due in 2022.
1MDB said all payments due to IPIC would be made from the proceeds of its rationalization plan. It failed to meet the previous deadline, saying it was due to the need for additional regulatory approvals.
IPIC later agreed to extend the original debt payment deadline of July 31 for the troubled state fund, with at least 310 million U.S. dollars to be paid by Aug. 12.
