1MDB dispute: IPIC, Aabar PJS to pay USD1.8 billion to Malaysia

27 February 2023

By Wartawan Nabalu News

KUALA LUMPUR: International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar PJS) have agreed to pay USD1.8 billion to Minister of Finance (Incorporated) and 1Malaysia Development Berhad (1MDB).

The Ministry of Finance in a statement today said that a settlement has been reached between Minister of Finance (Incorporated) and 1MDB and IPIC and Aabar Investments PJS (Aabar PJS).

The settlement resolves the legal proceedings between the parties in the London Court of International Arbitration and the London High Court.

"The Ministry of Finance is pleased to announce that 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) 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," said the ministry.