1MDB has made a US$350 million payment to the International Petroleum Investment Company (IPIC). 

The payment was made before the investment firm was scheduled to pay IPIC US$310 million on Aug 12, as part of its settlement with the Abu Dhabi state-owned fund. 

In a statement released today, 1MDB said that it had "remitted, to date, the equivalent of US$350 million to IPIC".

It added that the payments to IPIC were from "proceeds of the ongoing rationalisation programme."

IPIC in a statement to the London Stock Exchange later confirmed that it had received payment but did not mention any figures.

"Accordingly, Ministry of Finance Incorporated (MOF Inc) and 1MDB now have until Aug 31, 2017 to complete the performance of the payment obligations that were initially due to be performed by July 31, 2017 under the settlement and the consent award and to pay default interest on the delayed payment," IPIC said.

1MDB owes IPIC US$603 million plus interest as part of a settlement for arbitration proceedings between both parties and MOF Inc.

The payment was originally due on July 31. 

However, 1MDB failed to honour its commitment, forcing Abu Dhabi’s sovereign wealth fund to give 1MDB a grace period of five days to make the payment, which the company also missed. 

The balance of 1MDB's financial obligations to IPIC is due on Aug 31.

Editor's note: The earlier figure of US$360 million has been amended to US$350 million based on a subsequent statement issued by 1MDB.