1MDB gets IPIC nod to de­lay pay­ment

New Straits Times - - Business -

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

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