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Abu Dhabi's IPIC says Malaysian fund 1MDB paid settlement in full

Staff Writer | December 27, 2017
Abu Dhabi’s government-owned International Petroleum Investment (IPIC) said Malaysian state fund 1Malaysia Development Berhad (1MDB) has made all required payments as part of a settlement agreement.
Companies   A claim totaling some $6.5 billion
1MDB was required to pay IPIC about $600 million by December 31, as part of a settlement agreement reached in April after 1MDB defaulted on its bonds, causing the Abu Dhabi company to ask a London court to arbitrate over a claim totaling some $6.5 billion.

1MDB had originally agreed to pay $1.2 billion in two instalments to IPIC, with the first of about $600 million due by July 31. 1MDB however missed the deadline due to the need to get “regulatory approvals” and made the payment in August instead.

“IPIC has now received all the funds required to be paid to IPIC by Dec. 31 under the Settlement with the Minister of Finance (Inc) Malaysia and 1Malaysia Development Berhad and the Consent Award made on 9 May 2017,” IPIC said.