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Tuesday, 8 August 2017

Abu Dhabi gives Malaysia 1MDB new extension for missed $600 million payment

Abu Dhabi gives Malaysia 1MDB new extension for missed $600 million payment:

"Abu Dhabi has once again extended a deadline for troubled state fund 1Malaysia Development Bhd (1MDB) - the subject of allegations of fraud and money-laundering - to make a debt payment of over $600 million that was originally due at the end of July. 1MDB is now required to pay at least $310 million by Aug. 12 and the rest of the money plus interest by Aug. 31, Abu Dhabi's government-owned International Petroleum Investment Co (IPIC) said in a statement to the London Stock Exchange on Tuesday. Under a deal struck in April, 1MDB originally agreed to pay $1.2 billion in two installments to IPIC, with the first of about $600 million to be paid by July 31. The Malaysian fund did not honor that commitment and IPIC then gave it a grace period which ended on Tuesday; 1MDB also missed that deadline."



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