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Tuesday, August 1, 2017

Najib denies 1MDB unable to pay IPIC, says it's technical



PARLIAMENT | 1MDB is able to pay Abu Dhabi's International Petroleum Investment Co, assured Prime Minister Najib Abdul Razak.
"On 1MDB, a statement has been issued. This is a technical matter and not a question of being unable to pay (IPIC).
"This is not expected to hurt confidence in the Malaysian economy," Najib told the Dewan Rakyat today.
He was responding to opposition leader Dr Wan Azizah Wan Ismail who said the missed payment yesterday would surely hurt investor confidence.

1MDB yesterday failed to meet the deadline to pay IPIC US$602.5 million as part of a settlement struck in April.
1MDB explained that it was still waiting on funds that it was supposed to receive in July.
IPIC said 1MDB and Ministry of Finance Incorporated (MOF Inc) have five days of grace period to pay up or face further legal obligations.
[More to follow]
- Mkini

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