1MDB gets 2nd payment reprieve but must cough up US$310m in 5 days
Its chairman says that redemption of funds would "take time, which we didn't foresee"
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Kuala Lumpur
MALAYSIA'S 1MDB has been given a second time extension until Aug 31 on a US$629 million payment to Abu Dhabi's International Petroleum Investment Corporation (IPIC) but must hand over not less than US$310 million by Aug 12, or in five days.
Default interest on the delayed payment has also been added after 1MDB missed the second deadline on Tuesday (noon Malaysia time) despite being given a grace period of days.
However, IPIC did not state the amount or the action it would take should its condition not be met.
Analysts said that the missed payment does not…
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