1Malaysia Development Bhd (1MDB) in a statement says that it has made a payment of US$350 million (RM1.55 billion) to International Petroleum Investment Company PJSC (IPIC). NSTP pic.

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) announced that it has made a payment of US$350 million (RM1.55 billion) to International Petroleum Investment Company PJSC (IPIC).

In a statement issued today, 1MDB said it had remitted the amount in pursuant to the Amendment dated August 8, 2017, to the Settlement Deed with Ministry of Finance (Incorporated) Malaysia and the Abu Dhabi based IPIC.

“1Malaysia Development Berhad (1MDB) is pleased to announce that pursuant to the Amendment dated 8 August 2017 to the Settlement Deed with Minister of Finance (Incorporated) Malaysia and International Petroleum Investment Company PJSC (IPIC), 1MDB has now remitted, to date, the equivalent of US$350 million to IPIC.

“The balance of the original July 31, 2017, payment obligation to IPIC is accordingly now due on August 31, 2017.

“All funds paid to IPIC are from proceeds of the on-going rationalisation programme,” said the investment body.

On Aug 1, IPIC gave an extension period of five working days for both 1MDB and MoF Inc to settle the non-repayment.

1MDB was initially due to make a payment to IPIC by the end of July and had been given an extension period of five business day to remedy their non-payment.

A total of US$602.73 million (RM2.56 billion), the first of a two-part payment, was due on July 31 under a debt-settlement agreement amounting to US$1.205 billion (RM5.16 billion) that was reached in April this year.

The second payment of US$602.73 million (RM2.58 billion) is due by the end of this year.

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