The cost of insuring Malaysia
KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) said on Friday it has paid US$350mil (RM1.5bil) of its debt to Abu Dhabi's International Petroleum Investment Co. PJSC (IPIC).
In a statement, 1MDB said the payment was pursuant to the amendment dated Aug 8, 2017 to the settlement deed with Minister of Finance (Incorporated) Malaysia and IPIC.
“1MDB has now remitted, to date, the equivalent of US$350mil to IPIC. The balance of the original July 31, 2017 payment obligation to IPIC is accordingly now due on Aug 31, 2017,” it said.
1MDB said that all funds paid to IPIC are from proceeds of the on-going rationalisation programme.
On Aug 8, IPIC had agreed to grant the MoF Inc and 1MDB an extension untl the end of August to meet their payment obligations if a payment of at least US$310mil was made by Aug 12.
This came after 1MDB missed its original payment deadline of July 31 as well as an ensuing five-day extension due to technical issues.
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