1MDB gets IPIC nod to delay payment
BANGI: 1Malaysia Development Bhd (1MDB) has been given an extension to resolve the payment issue with International Petroleum Investment Co (IPIC), said Finance Ministry secretarygeneral Tan Sri Dr Mohd Irwan Serigar Abdullah.
“We asked for an extension of which they agreed and when the time comes, we will pay,” said Mohd Irwan Serigar, who is also 1MDB chairman.
He said 1MDB would sign another agreement for the extension of payment to IPIC.
“We are talking to IPIC to try and arrange the payment time. We will pay IPIC,” he said after launching the Home Price Checking System for Civil Servants, here, yesterday.
On why it took time to pay IPIC, Irwan said: “It’s the selling of the units and there are some regulatory requirements and so on.
“We need to comply with all the regulations. We didn’t foresee it would take so much time. So all these things will be settled,” he said.
1MDB had previously written to IPIC to inform the Abu Dhabibased company that the payment, originally due on July 31, would be paid this month instead as it awaited the necessary fund. Bernama