'Is the extra US$40m 1MDB paid to IPIC interest for being late?'

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DAP stalwart Lim Kit Siang wants to know if the extra US$40 million 1MDB paid to International Petroleum Investment Co actually an interest payment.

"Malaysians are entitled to know whether the difference of US$40 million was the 'default interest' which 1MDB had to pay as a penalty for failing to (meet) the original July 31 deadline and a five-day extension for the first tranche of US$603 million as part of the 1MDB-IPIC London arbitration settlement – as it is definitely a very hefty and extortionate 'default' penalty," Lim said in a statement today.

Malaysiakini has contacted 1MDB president Arul Kanda Kandasamy for a response to these allegations.

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

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