1MDB has paid up the first tranche of payment it owed to the International Petroleum Investment Company (IPIC) as part of a settlement agreement.

"IPIC has now received the funds required to be paid by Aug 31 to complete the performance by Minister of Finance (Incorporated) Malaysia and 1MDB of the payment obligations that were initially due to be performed by July 31 under the settlement and the consent award and to pay default interest on the delayed payment," IPIC said in an announcement to the London Stock Exchange (LSE).

IPIC did not state the total amount it received but according to an earlier announcement on Aug 1, it had expected a total of US$602,725,000 on top of another US$26,024,509.59 in interest payment...