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Wednesday, 2 August 2017

1MDB has written to IPIC for the payment US$602.73mil (RM2.56bil) that was due on July 31 to be made this month.

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1MDB seeks to make IPIC payment later this month

 
PETALING JAYA: 1Malaysia Development Bhd (1MDB) is seeking that the amount of US$602.73mil (RM2.56bil) that was already due for payment last Monday to the London-listed International Petroleum Investment Co (IPIC) be pushed to this month.
In a three-paragraph statement, 1MDB said all payments due from 1MDB to IPIC would be made from the proceeds of the 1MDB rationalisation plan.
The federal government-backed fund, which is undergoing a restructuring because its cash flows could not meet the debt obligations, has written to IPIC for the payment that was due on July 31 to be made this month.
“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,” it said.
Meanwhile, in a statement to the London Stock Exchange, IPIC said under the settlement, there was a five-business day “cure period” for Ministry of Finance Inc (MoF) and 1MDB to remedy their non-payment.
“This is before MoF Inc and 1MDB become subject to additional obligations to IPIC and Aabar Investments PJS,” it said.
The sum due on July 31 is the first tranche of a two-part payment that 1MDB has to pay IPIC under a debt-settlement agreement amounting to US$1.205bil that was reached in April this year.
The second payment of US$602.73mil is due at the end of this year.

Read more at http://www.thestar.com.my/business/business-news/2017/08/02/1mdb-seeks-to-make-ipic-payment-later-this-month/#emgT6YTpX7ohVM0C.99

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