Islamic Finance

Malaysia’s 1MDB says $360 million paid to Abu Dhabi for debt deal

| 11 August, 2017

AUGUST 10, 2017 | 11:50PM EDT | KUALA LUMPUR

1Malaysia Development Berhad (1MDB) said on Friday it has remitted the equivalent of $360 million to the Abu Dhabi government-owned International Petroleum Investment Co (IPIC).

"All funds paid to IPIC are from proceeds of the on-going rationalisation programme," 1MDB said in a statement.

Abu Dhabi this week extended a deadline for the troubled Malaysian state fund to make a $603 million debt payment, provided at least $310 million was paid by Aug. 12.

1MDb said in the statement that the balance of the payment obligation to IPIC is now due on August 31.

(Reporting by Praveen Menon; Editing by Richard Pullin)

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