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

Firm remits US$40m more than that demanded by IPIC

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Published Fri, Aug 11, 2017 · 09:50 PM

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    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.

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