Malaysia’s Minister of Finance (Incorporated) and 1MDB reached a $1.8 billion settlement with Abu Dhabi’s sovereign wealth fund International Petroleum Investment Co. and Aabar Investments PJS, according to a statement from the Finance Ministry.
(Bloomberg) — Malaysia’s Minister of Finance (Incorporated) and 1MDB reached a $1.8 billion settlement with Abu Dhabi’s sovereign wealth fund International Petroleum Investment Co. and Aabar Investments PJS, according to a statement from the Finance Ministry.
This was in respect to their legal proceedings in the London Court of International Arbitration and the London High Court, the Finance Ministry said Monday.
“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.
1Malaysia Development Bhd. was an investment fund originally intended to develop the southeast Asian nation’s economy. Instead, it became the center of a multi-billion dollar scandal that spawned probes in Asia, the US and Europe. Much of the money was allegedly embezzled by people connected to former Prime Minister Najib Razak and diverted for bribes.
The London case is one of a series of legal and regulatory probes around the world, including the U.S. and Malaysia, surrounding 1MDB.
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