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Tuesday, August 1, 2017

IPIC: 1MDB and MOF Inc have 5 days to 'remedy' situation

1MDB and Ministry of Finance Incorporated (MOF Inc) have five business days to "remedy" the failure to pay Abu Dhabi's International Petroleum Investment Company PJSC (IPIC) and its subsidiary Aabar Investments PJS (Aabar).
In a filing to the London Stock Exchange today, IPIC said that this was outlined in the settlement between the company and 1MDB on May 11, 2017.
"Under the settlement, there is a five business day cure period for MOF Inc and 1MDB to remedy their non-payment before MOF Inc and 1MDB become subject to additional obligations to IPIC and Aabar," said the company.
The company said that it should have been paid US$602,725,000 (RM2.58 billion) and US$26,024,509.59 (RM111 million) by July 31.
It is unclear what the US$26,024,509.59 was for, although it is possible that it was interest payments on the initial amount still-owed.
Earlier today, 1MDB missed the payment deadline which expired at midnight, New York time, or noon Malaysian time.
IPIC is pursuing US$6.5 billion from 1MDB. Both firms reached a settlement before arbitration process could take place in London.
1MDB is supposed to pay US$1.2 billion in two equal payments on July 31 and Dec 31.

The firm has admitted that it was unable to fulfil its payment obligations because funds that it was supposed to receive in July has been delayed to August.
IPIC was a guarantor for some bonds issued by 1MDB. Following 1MDB's alleged failure to make certain payments to IPIC, both companies agreed to undergo an arbitration process in London.
However, a settlement was reached ahead of the arbitration process. 
Previously, Second Finance Minister Johari Abdul Ghani said that he was confident that Malaysia would win the case had it gone to arbitration.- Mkini

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