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FINANCIAL NEWS
Abu Dhabi gives 1MDB five days to make USD600mn payment
09 Aug 2017
(MENAFN) Abu Dhabi’s sovereign wealth fund has given 1Malaysia Development Berhad five days in order to make an USD600mn payment, which the Malaysian fund failed to pay.
Accordingly, the 1MDB fund was committed to meeting its obligations to Abu Dhabi’s Intl Petroleum Investment Co.
Furthermore, all payments to IPIC would be made from the proceeds of the 1MDB rationalization plan, under which it is selling assets.
Last year, Malaysia dissolved 1MBD’s advisory board, and its assets were either shifted to the government or sold off as part of the rationalization program.
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MENAFN0908201700450000ID1095709985
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