1MDB pays US$350m to IPIC before Aug 12 deadline

Kuala Lumpur

AHEAD of an Aug 12 deadline, Malaysia's 1MDB has settled the equivalent of US$350 million owed to International Petroleum Investment Company (IPIC) from what it said were "proceeds of the on-going rationalisation programme".

The scandal-tainted investment company surprisingly remitted US$40 million more than the US$310 million demanded by IPIC as a condition to be allowed a longer grace period to repay the full amount after it missed two deadlines, the first on July 31 and second on Aug 8.