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Sunday, June 16, 2024

Abu Dhabi pays Malaysia $1.8bn to settle dispute – Middle East Monitor


Abu Dhabi’s International Petroleum Investment Company (IPIC) and its subsidiary Aabar Investments PJS have agreed to pay US$1.8 billion to settle a legal dispute over Malaysia’s state fund 1MDB scandal, Malaysia’s finance ministry said yesterday, Reuters reported.

In 2018, Malaysia challenged in a London court a settlement between 1MDB and IPIC negotiated a year earlier under former leader Najib Razak’s tenure as prime minister.

Najib was jailed for 12 years last year after being found guilty in a corruption case linked to 1MDB.

In its challenge, Malaysia argued that the 2017 settlement was obtained by fraud.

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The Finance Ministry said yesterday that the Abu Dhabi company, 1MDB and Malaysia’s finance minister had reached a settlement in the proceedings at the London Court of International Arbitration and the London High Court.

“Through this reconciliation, Malaysia and Abu Dhabi look forward to continuing to work for the prosperity and economic interests of both countries in the future,” the ministry said in a statement.

London-based IPIC and Aabar law firm Clifford Chance LLP said in a statement that the companies had agreed to pay the settlement in three stages: $800 million to be paid within seven days of the conclusion of the London proceedings, and the remainder to be paid within 2 months. Days payable within year of termination.

Malaysia’s 1MDB is the subject of corruption and money laundering investigations in at least six countries.

Between 2009 and 2014, senior officials of the fund and their associates misappropriated about $4.5 billion from 1MDB, the Justice Department said.

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