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Wednesday, 2 August 2017

1MDB given five days to pay $603m

1MDB given five days to pay $603m:

"An Abu Dhabi sovereign fund has given scandal-hit Malaysian fund 1MDB five days to make a missed $603m payment, complicating the fraught unwinding of the two funds’ complicated relationship. 1MDB failed to make the payment to the oil-rich emirate’s state-owned International Petroleum Investment Company, which fell due on July 31. In a statement, the Malaysian fund said it would make the payment later this month. Ipic said in another statement that 1MDB and the Malaysian ministry of finance had five days under the terms of the agreement “to remedy their non-payment” before they “become subject to additional obligations to IPIC and [its unit] Aabar”. It did not explain the nature of these obligations. "

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