Abu Dhabi – Mubasher: Malaysian state fund 1Malaysia Development (1MDB) failed to pay around $600 million owed to Abu Dhabi's International Petroleum Investment (IPIC) by 31 July, Reuters reported.
The fund pledged to make the payment later in August; yet, it did not specify a date in August.
However, Mubadala, which now owns IPIC, announced in a separate statement on Tuesday that 1MDB and the Malaysian finance ministry have just five days to resolve the non-payment.
1MDB earlier said it would monetise 1MDB-owned investment fund units to meet the payments, totalling just over $1.2 billion and payable in two equal instalments by the end of this year.
