PETALING JAYA: Abu Dhabi state-owned International Petroleum Investment Company and Aabar Investments PJS has agreed to pay US$1.8 billion to 1MDB and Minister of Finance (Incorporated) to settle a legal dispute.
“With this settlement, Malaysia and Abu Dhabi look forward to continue working together for the prosperity and economic benefit of both countries in the future,” the finance ministry said in a brief statement.
Both sides were embroiled in the legal fight in London’s courts with claims that IPIC and Aabar were complicit in the 1MDB fraud.
Putrajaya had challenged the 2017 arbitration settlement between the two sides in the UK, arguing that IPIC and Aabar Investments were aware of fraud allegations against former prime minister Najib Razak at the time the deal was struck.
IPIC guaranteed two separate dollar-denominated bonds for 1MDB in 2012 in deals arranged by Goldman Sachs Group Inc. that raised US$3.5 billion.
MORE TO COME
* Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss.
* Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
