Published: Sun, August 13, 2017
Global News | By Stacy Ballard

1MDB remits US$350m to IPIC

1MDB remits US$350m to IPIC

1MDB says that they are "pleased to announce that pursuant to the Amendment dated 8 August 2017 to the Settlement Deed with Minister of Finance (MOF) and IPIC, 1MDB has now remitted, to date, the equivalent of US$360 million to IPIC".

1MDB has previously written to IPIC to inform the Abu Dhabi-based company that the payment, originally due on July 31, 2017, will be paid in August 2017 instead as it awaits the necessary fund.

The debt-laden state fund had missed a July 31 deadline and a five-day extension to repay IPIC, and was given an extra week until today to pay US$310 million.

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

This comes when the US Justice Department is conducting a criminal probe into 1MDB and has asked for a stay on its civil lawsuits in connection with the assets allegedly bought with money stolen from the scandal-hit state fund, Reuters reported.

Among other things, the money was spent on luxury real estate, a $35 million jet, works of art by Vincent Van Gogh and Claude Monet, and production of the 2013 film The Wolf of Wall Street.

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MR LIM KIT SIANG, Malaysian opposition leader, on whether the extra funds paid by 1MDB to IPIC were an interest payment.

Mr Low, whose whereabouts are not known, has denied accusations of wrongdoing.

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.

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1MDB was started by Prime Minister Najib Razak in 2009 soon after he became Malaysia's leader.

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