Poser over 1MDB payment to IPIC as deadline passes

ipic-1mdb-3ABU DHABI: Abu Dhabi’s state investor Mubadala is awaiting information from banks on a payment worth about US$600 million that 1MDB was to make today, Reuters reports, quoting a source.

The deadline for the payment was midnight Monday (New York time) or 12.00 noon in Malaysia.

The confusion about the payment grew after The Edge newspaper citing unnamed sources said 1MDB had missed the payment.

Meanwhile, 1MDB president Arul Kanda Kandasamy declined comment when contacted by FMT.

1MDB reached an agreement in April to pay IPIC US$1.2 billion in two installments. The state firm said payments will be made to IPIC by monetising investment fund units.

IPIC, or International Petroleum Investment Company, was merged with Mubadala earlier this year.

Meanwhile, Bloomberg cited its source as saying that 1MDB failed to make the payment today.

It added that IPIC is expected to make an announcement in London today.