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.

"The balance of the original 31 July 2017 payment obligation to IPIC is accordingly now due on 31 August 2017," 1MDB said in a statement referring to about US$279 million still outstanding.

It owes IPIC another tranche of US$603 million by yea…