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Tuesday, August 8, 2017

Deadline extended, 1MDB given until end of Aug to pay IPIC

KUALA LUMPUR: Abu Dhabi has given 1MDB until Aug 31 to make a US$603 million debt settlement payment that was due on Tuesday, an Abu Dhabi based source with knowledge of the matter said.

Under an agreement struck in April with the Abu Dhabi state fund International Petroleum Investment Company (IPIC) to settle arbitration proceedings, scandal-hit 1MDB fund agreed to pay US$1.2 billion in two instalments to IPIC, with the first of about US$600 million to be paid by July 31.

But 1MDB failed to honour its commitment, forcing Abu Dhabi’s sovereign wealth fund to give 1MDB a grace period of five days to make the payment. That deadline was to expire on Tuesday.

A regulatory disclosure from IPIC about the latest deadline extension is due later today, the source said, declining to be named as the matter is not yet public.

Abu Dhabi’s Mubadala, into which IPIC was merged earlier this year, declined to comment.
Malaysia’s Treasury secretary-general Irwan Serigar Abdullah, was quoted in state news agency Bernama saying earlier in the day that 1MDB was in talks to get the deadline extended.

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