IPIC -Aabar PJS Pays 1MDB and MOF Inc US1.8 bil Settlement
The settlement means IPIC and Aabar PJS have agreed to pay USD1.8 billion to Minister of Finance (Incorporated) and 1MDB
The Ministry of Finance today said the Minister of Finance (Incorporated) and 1Malaysia Development Berhad (1MDB) have reached a settlement regarding their dispute with International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar PJS).
This is in respect of the legal proceedings in the London Court of International Arbitration and the London High Court.
"In this respect, IPIC and Aabar PJS have agreed to pay USD1.8 billion to Minister of Finance (Incorporated) and 1MDB.
"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," says a media release from MOF.