Abu Dhabi’s IPIC gets funds required for payment obligation extension

By Caroline Salls

Pittsburgh, Aug. 11 – International Petroleum Investment Co. PJSC (IPIC) received the funds required for a payment obligations extension agreed with Minister of Finance (Inc.) Malaysia (MoF Inc.) and 1 Malaysia Development Bhd. (1MDB), according to a news release.

Since the funds were received before the Aug. 12 deadline, IPIC said MoF Inc. and 1MDB now have until Aug. 31 to satisfy payment obligations that were initially due by July 31 under a settlement and consent award.

Default interest owed on the delayed payment is also due Aug. 31.

IPIC said on Tuesday that the payment extension was subject to MoF Inc. and 1MDB making payment of not less than $310 million of the full amount due, including default interest, by Aug. 12.

As previously reported, $602,725,000 and $26,024,509.59 were due on July 31 under the consent award and settlement.

IPIC is a sovereign wealth fund of the Emirate of Abu Dhabi.

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