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Tuesday, August 1, 2017

Poser over 1MDB payment to IPIC as deadline passes

The deadline for the state firm to pay the first half of the US$1.2 billion is today

ABU DHABI: Abu Dhabi’s state investor Mubadala is awaiting information from banks on a payment worth about US$600 million that Malaysian state investor 1MDB was to make today, a source familiar with the matter told Reuters.

The deadline for the payment was midnight Monday (New York time) or early hours in Asia, said the source, who asked not to be named because of the sensitivity of the matter.

The confusion about the payment grew after Malaysia’s Edge newspaper reported, citing unnamed sources, that 1MDB had missed the payment.

1MDB reached an agreement in April to pay IPIC US$1.2 billion in two installments. 1MDB had said payments will be made to IPIC by monetizing investment fund units.

IPIC, or International Petroleum Investment Company, was merged with Mubadala earlier this year.

Meanwhile, Bloomberg cited its source as saying that 1MDB failed to make the payment today.

It added that IPIC is expected to make an announcement in London today. - Reuters

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