KUALA LUMPUR: Abu Dhabi’s government-owned International Petroleum Investment Co (IPIC) on Wednesday said Malaysian state fund 1Malaysia Development Berhad (1MDB) has made all required payments as part of a settlement agreement between the two. 1MDB was required to pay IPIC about $600 million by Dec 31, as part of a settlement agreement reached in April after 1MDB defaulted on its bonds, causing the Abu Dhabi company to ask a London court to arbitrate over a claim totalling some $6.5 billion. “IPIC has now received all the funds required to be paid to IPIC by Dec 31 under the Settlement with the Minister of Finance (Inc) Malaysia and 1Malaysia Development Berhad and the Consent Award made on 9 May 2017,” IPIC said in a statement to the London Stock Exchange on Wednesday. 1MDB also confirmed that it has remitted in full to IPIC all funds required to be paid by Dec. 31. “All funds were paid from proceeds of the on-going rationalisation programme,” 1MDB said in a statement.

Source: New Strait Times December 27, 2017 09:11 UTC