(Aug 8): Embattled state investment company 1Malaysia Development Bhd. received an extension to make a payment of more than US$600 million ($817.2 million) to an Abu Dhabi sovereign wealth fund after missing a deadline last month.

1MDB is in talks with International Petroleum Investment Co. on the new arbitration settlement date, Malaysian Treasury Secretary General Irwan Serigar Abdullah told reporters on Tuesday. Irwan is also the chairman of 1MDB’s board of directors.

"It’s a question of time," Irwan said. "In due course when the time comes, we will pay off."

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook