Abu Dhabi’s IPIC and Aabar to pay Malaysia $1.8 bln to settle 1MDB dispute

Abu Dhabi’s International Petroleum Investment Co (IPIC) and its unit Aabar Investments PJS have agreed to pay $1.8 billion to settle a legal dispute over the scandal at Malaysian state fund 1MDB, Malaysia’s finance ministry said on Monday.
Malaysia in 2018 had filed a challenge in a London court against a settlement agreement between 1MDB and IPIC that had been negotiated a year earlier during the premiership of former leader Najib Razak. Najib was sentenced to 12 years in jail last year after being found guilty in a 1MDB-related corruption case.
In its challenge, Malaysia had argued that the 2017 settlement was procured by fraud.
The finance ministry said on Monday the Abu Dhabi companies, 1MDB and Malaysia’s Minister of Finance (Incorporated) had reached a settlement in respect of proceedings in the London Court of International Arbitration and the London High Court.