1MDB's payment to IPIC delayed to this month

PETALING JAYA: 1Malaysia Development Bhd has requested to delay its payment to Abu Dhabi's International Petroleum Investment Co (IPIC) to this month after it missed the original deadline of July 31.

1MDB said in a statement today, this is because it is yet to receive proceeds from its 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," it explained.

1MDB reiterated that all payments due from 1MDB to IPIC will be made from the proceeds of the 1MDB rationalisation plan.

"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 added.