• Breaking News

    1MDB reaches settlement deal with Abu Dhabi’s IPIC

    ABU DHABI/KUALA LUMPUR, Apr 25: Abu Dhabi and Malaysia have reached a conditional agreement under which Malaysian state fund 1MDB will pay US$1.2 billion to settle a debt dispute that had led to arbitration proceedings in London.

    Separately, 1MDB and Malaysia’s Ministry of Finance will assume responsibility for all future interest and principal payments under two bonds issued by 1MDB Group companies that are guaranteed by the Malaysian state fund and Abu Dhabi’s International Petroleum Investment Co (IPIC), IPIC said in a filing in London.

    The agreement is conditional on the Arbitration Tribunal making a “consent award” by May 31.

    Last year Abu Dhabi’s state-owned IPIC asked the London court to arbitrate in a dispute with 1MDB in which IPIC claimed about $6.5 billion.

    1MDB, once a pet project of Malaysian Prime Minister Najib Razak, is the subject of money-laundering investigations in at least six countries. 1MDB has denied these allegations.

    In a media statement released on Monday afternoon, Tengku Sariffuddin. the press secretary to the Prime Minister Najib Razak, said: “The government is pleased that IPC and 1MDB have resolved their differences in an amicable manner.

    “We also note the modernisation of all 1MDB-owned investment fund units. These significant event represents positive progress made by 1MDB, which is nearing the completion of its rationalising programme,” Tengku Sariffuddin added.

    Source: Reuters/am

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