34 C
Dubai
Sunday, May 19, 2024
spot_img

Abu Dhabi’s IPIC, Aabar to pay Malaysia $1.8bn to settle 1MDB dispute

[ad_1]

KUALA LUMPUR, Feb 27 (Reuters) – Abu Dhabi’s International Petroleum Investment Company (IPIC) and its unit Aabar Investments PJS have agreed to pay $1.8 billion to legally settle the 1MDB scandal at Malaysia’s state fund, Malaysia’s finance ministry said on Monday. dispute.

Malaysia challenged a London court in 2018 against the 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.

The Abu Dhabi company, 1MDB and Malaysia’s Finance Minister Berhad have reached a settlement in the proceedings at the London Court of International Arbitration and the London High Court, the finance ministry said on Monday.

the latest update

View 2 more stories

“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.

Reporting by Rozanna Latiff; Additional reporting by Hadeel Al Sayegh in Dubai; Editing by Ed Davies and Kanupriya Kapoor

Our standards: Thomson Reuters Trust Principles.

[ad_2]

Source link

Related Articles

UAE Revolutionizes Transportation: Abu Dhabi to Dubai in Just 30 Minutes by Flying Taxis

UAE: Soon, travel from Abu Dhabi to Dubai in just 30 minutes by flying taxis In a groundbreaking development for transportation infrastructure, the United Arab...

Etihad Launches Airbus A380 on Abu Dhabi-New York Route

Etihad Airbus A380 Debut: Transforming the Abu Dhabi-New York Route Etihad Airways, one of the leading airlines in the Middle East, has marked a significant...

Abu Dhabi Islamic Bank Maintains Strong Financial Performance in Q1 2024

Abu Dhabi Islamic Bank Continues Strong Performance in Q1 2024 In the fast-paced realm of global finance, few institutions stand out as consistently as Abu...

Abu Dhabi Welcomes World’s First ‘Healthy Living’ Island

Abu Dhabi Welcomes World's First 'Vitality Island' for Healthy Living Abu Dhabi, a global hub of innovation and progress, has once again captured international attention...

NASA’s Revealing Images of UAE’s Flooded Regions Post-Heavy Rains

NASA Unveils Aerial Views of UAE's Flooded Regions A "slow-moving storm" system unleashed unprecedented torrential rains across various parts of the Emirates, inundating the UAE...

Latest Articles