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

Last Updated: Fri, Aug 11, 2017 11:45 hrs
Traffic passes a 1MDB billboard at the Tun Razak Exchange development in Kuala Lumpur

KUALA LUMPUR  - State fund 1Malaysia Development Berhad (1MDB) has remitted the equivalent of $350 million to Abu Dhabi's government-owned International Petroleum Investment Co (IPIC), it said on Friday.

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

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

The balance of the payment obligation to IPIC was now due on August 31, 1MDB added.

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