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KUALA LUMPUR (Aug 1): 1Malaysia Development Bhd (1MDB) has missed its 12 noon-deadline today for a US$602.75 million payment to Abu Dhabi’s International Petroleum Investment Co (IPIC), sources told today.

The payment was due at 12 midnight, New York time on July 31. The exact reason for Malaysian Government-owned 1MDB’s delayed payment is not known and it is unclear if there are clauses that allow for extensions.

At the time of writing, London Stock Exchange-listed IPIC had not issued a statement on the matter to the bourse. In Malaysia, 1MDB and the Malaysian Government had also not issued a media statement on the payment’s status.

The Edge Financial Daily (Edge FD) reported today the US$602.75 million was the first tranche of two due to IPIC. The remaining portion of US$602.725 million is due by the year end.

Edge FD reported the main reason 1MDB owed this much of money to IPIC was because IPIC had been helping 1MDB meet its debt obligations since May 2015.

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