IPIC says paid interest after 1MDB default

UAE investment firm to step up demands for Malaysian government to compensate at least US$1.2 billion plus interest after third default by 1MDB

ABU DHABI: Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC) said today that it had paid interest of US$52.4 million due on bonds guaranteed by troubled state-investment fund 1Malaysia Development Berhad (1MDB), after 1MDB defaulted on them.

IPIC said this marked a third default by 1MDB. The Abu Dhabi company said it would step up its demands for 1MDB and the Malaysian government to compensate IPIC for its exposure to 1MDB, addin that it was now owed US$1.2 billion plus accrued interest.

1MDB has been disputing its obligations to IPIC under a debt restructuring agreement involving the companies last June.

– Reuters