Hornbill Unleashed

August 2, 2017

1MDB says waiting on payment to IPIC

Filed under: Politics — Hornbill Unleashed @ 8:02 AM

1MDB said it has informed IPIC of its commitment to meet its debt obligations, originally due on 31 July 2017, in August 2017. — Picture by Yusof Mat Isa 1Malaysia Development Bhd (1MDB) is awaiting proceeds from its debt rationalisation plan to use as payment to Abu Dhabi’s International Petroleum Investment Company (IPIC).

The state-owned firm said this following news that it missed a scheduled payment to IPIC.

“1MDB itself is awaiting funds that were due to be received in July 2017. Due to the need for additional regulatory approvals, the receipt of those funds has been delayed to August 2017.

“As these are the funds which will be used to pay IPIC, 1MDB has written to IPIC to inform them of our commitment to meet the obligations, originally due on 31 July 2017, in August 2017,” it said in a statement.

On April 24, 1MDB confirmed that it reached a deal with IPIC to settle a debt dispute worth RM5.8 billion.

Source : The Malay Mail Online



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