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Malaysia's 1MDB settles $1.2bn to UAE's IPIC

Malaysia's 1MDB settles $1.2bn to UAE's IPIC
The Malaysian fund was required to pay IPIC around $600 million by 31 December

Abu Dhabi – Mubasher: The Abu Dhabi’s government-owned International Petroleum Investment Company (IPIC) stated that the Malaysian state fund 1Malaysia Development Berhad (1MDB) had paid all the required payments as part of a settlement agreement, according to Reuters.

“IPIC has now received all the funds required to be paid to IPIC by 31 December under the Settlement,” the company said in a statement to the London Stock Exchange on Wednesday, Reuters reported.  

The Malaysian fund was required to pay IPIC around $600 million by 31 December, under settlement agreement reached in April after 1MDB failed to pay its bonds, which urged IPIC to refer to court in London to arbitrate over a $6.5 billion claim.

1MDB had agreed to pay $1.2 billion to IPIC in two instalments, the first of which was about $600 million due on 31 July 31, but the fund did not meet its payment owing to the need to get regulatory approvals and paid it in August.

The Malaysia-based fund is subject to money-laundering investigations in six countries at least, including the United States, Switzerland and Singapore, the international news agency concluded.