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1MDB: Second tranche fully paid to IPIC

30 Août 2017

1Malaysia Development Berhad (1MDB) said it has remitted in full the second tranche due on Aug 31 to International Petroleum Investment Company PJSC (IPIC).

1MDB is due to pay Abu Dhabi another US$603 million by December 31, under the terms reached during private arbitration in April in London.

After it failed to honour its commitment, IPIC gave 1MDB a grace period of five days to make the payment.

"IPIC has has now received the funds required to be paid by 31 August 2017 to complete the performance by Minister of Finance (Incorporated) Malaysia and 1Malaysia Development Bhd of the payment obligations that were initially due to be performed by 31 July 2017, under the Settlement and the Consent Award", IPIC said in a statement today. Similarly, the sum actually paid was not disclosed.

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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 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.

"All funds were paid from proceeds of the on-going rationalisation programme", the company said in a brief statement.

1MDB reportedly is due to pay IPIC another US$603 million by Dec 31 this year under the terms reached during an global arbitration in London in April.

1MDB: Second tranche fully paid to IPIC