Malaysia's 1MDB says US$350m paid to Abu Dhabi for debt deal

Malaysia's 1MDB says US$350m paid to Abu Dhabi for debt deal

File photo of 1MDB logo at the forefront of the Petronas Twin Towers. (Photo: AFP)

KUALA LUMPUR: 1Malaysia Development Berhad (1MDB) said on Friday (Aug 11) it has remitted the equivalent of US$350 million to the Abu Dhabi government-owned International Petroleum Investment Co (IPIC).

"All funds paid to IPIC are from proceeds of the on-going rationalisation programme," 1MDB said in a statement.

Abu Dhabi this week extended a deadline for the troubled Malaysian state fund to make a US$603 million debt payment, provided at least US$310 million was paid by Aug 12.

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

Source: Reuters/am