Malaysia’s 1MDB makes pay­ment to Abu Dhabi af­ter de­lay

Muscat Daily - - BUSINESS -

Kuala Lumpur, Malaysia - Malaysia’s cri­sis-hit state in­vest­ment fund 1MDB said it has paid Abu Dhabi the equiv­a­lent of US$350mn, the first in­stall­ment un­der a deal to set­tle its debts af­ter it missed pre­vi­ous dead­lines.

1MDB and its founder Prime Min­is­ter Na­jib Razak are bat­tling al­le­ga­tions that bil­lions were looted from the fund in com­plex overseas deals that are be­ing in­ves­ti­gated by au­thor­i­ties in sev­eral coun­tries.

Both the fund, 1Malaysia Devel­op­ment Ber­had, and Na­jib have ve­he­mently de­nied wrong­do­ing.

1MDB agreed in April to pay Abu Dhabi’s sovereign wealth fund, In­ter­na­tional Pe­tro­leum In­vest­ment Com­pany (IPIC), about US$1.2bn to set­tle debts, with half due at the end of July and the rest by the end of the year.

But it missed the first dead­line and then a sec­ond five days later.

It was granted an ex­ten­sion to pay the sum of about US$600mn by the end Au­gust, on the con­di­tion that ap­prox­i­mately half that amount was re­mit­ted by Au­gust 12.

The Malaysian fund said in a state­ment that it ‘has now re­mit­ted, to date, the equiv­a­lent of US$350mn to IPIC’. The money was paid from 1MDB’s ra­tio­nal­i­sa­tion fund, it added.

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