IPIC says 1MDB has paid rest of money due by today

The Sun (Malaysia) - - SPEAK UP -

PETALING JAYA: State-owned strate­gic in­vest­ment fund 1Malaysia De­vel­op­ment Bhd (1MDB) has made the re­main­ing pay­ment due by the end of this month to In­ter­na­tional Pe­tro­leum In­vest­ment Co PJSC (IPIC) un­der a set­tle­ment agree­ment be­tween IPIC and Min­is­ter of Fi­nance (In­cor­po­rated) Malaysia (MoF Inc) and 1MDB.

“IPIC has now re­ceived the funds re­quired to be paid by Aug 31, 2017 to com­plete the per­for­mance by MoF Inc and 1MDB of the pay­ment obli­ga­tions that were ini­tially due to be per­formed by July 31, 2017 un­der the Set­tle­ment and the Con­sent Award and to pay de­fault in­ter­est on the de­layed pay­ment,” IPIC told the Lon­don Stock Ex­change yes­ter­day.

1MDB said in a sep­a­rate state­ment that all funds were paid from pro­ceeds of the on­go­ing rati­ion­al­i­sa­tion pro­gramme.

The state­ment fol­lows an ear­lier an­nounce­ment made on Aug 11, 2017, in which IPIC con­firmed that it had re­ceived pay­ment from 1MDB in or­der for the ex­ten­sion agreed with MoF Inc and 1MDB to be ef­fec­tive.

IPIC had agreed to grant MoF Inc and 1MDB an ex­ten­sion un til the end of Au­gust to meet their pay­ment obli­ga­tions, sub­ject to their mak­ing a min­i­mum pay­ment of US$310 mil­lion (RM1.32 bil­lion) by Aug 12. 1MDB had missed its orig­i­nal pay­ment dead­line of July 31, 2017 as well as a five-day ex­ten­sion.

1MDB had re­mit­ted the equiv­a­lent of US$350 mil­lion to IPIC by Aug 11, 2017 while the bal­ance of the orig­i­nal July 31, 2017 pay­ment obli­ga­tion to IPIC was to be set­tled by Aug 31, 2017.

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