1MDB to make payments due to Ipic in August, awaits for necessary fund

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has written to International Petroleum Investment Co (Ipic) to inform the Abu Dhabi-based company that the payment originally due on July 31, 2017, will be paid in August 2017 instead as it awaits the necessary fund.

In a statement here today, 1MDB said, all payments due to Ipic will be made from the proceeds of the 1MDB rationalisation plan.

"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 July 31, 2017, in August 2017," said the development fund.

It was reported that the payment, amounting to US$603 million (about RM2.58 billion) from 1MDB topic, is part of a settlement over a debt dispute. — Bernama