DUBAI
Abu Dhabi-based International Petroleum Investment Company (Ipic) has informed London Stock Exchange that scandal-ridden 1Malaysia Development Berhad (1MDB) has made the second and final payment due to the Abu Dhabi fund under a settlement agreed in May.
The Malaysian development company had agreed to pay the Abu Dhabi firm, now merged with Mubadala, a total of $1.2 billion following the settlement in a London court.
It missed the first payment of $600 million, which was due by July 31, 2017, paying the following month. The second payment was due by December 31.
In its statement to the London Stock Exchange on Wednesday, Ipic said: “International Petroleum Investment Company PJSC (Ipic) has now received all the funds required to be paid to Ipic by December 31, 2017, under the Settlement with the Minister of Finance (Incorporated) Malaysia and 1Malaysia Development Berhad and the Consent Award made on May 9, 2017.”
1MDB is the subject of money-laundering investigations in countries including the US, Singapore and Switzerland. Ipic had claimed $6.5 billion in arbitration, but agreed with 1MDB to accept the lower amount.
Neither Ipic nor Mubadala agreed to comment further.
