IPIC, Aabar to Pay Malaysia $1.8 Billion in 1MDB Dispute - Bloomberg
Malaysia reached a $1.8 billion settlement with International Petroleum Investment Co. and Aabar Investments PJS to end a legal dispute linked to the multi-billion scandal involving the southeast Asian nation’s 1Malaysia Development Bhd.
The two sides have been locked in proceedings at a London’s court, with Malaysia claiming that the Abu Dhabi entities — which have since been rolled into Mubadala Investment Co. — were aware of fraud allegations against former Prime Minister Najib Razak at the time the deal was struck.
“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 the statement Monday.
1Malaysia Development Bhd., or 1MDB, was an investment fund intended to develop the nation’s economy. Instead, it became the focus of a scandal that spawned probes in Asia, the US and Europe. Much of the money was allegedly embezzled by people connected to Najib and diverted for bribes.
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