IPIC drops lawsuit against Goldman Sachs over 1MDB scandal

"Following collaborative discussions, the International Petroleum Investment Company is dismissing its lawsuit against Goldman Sachs, related to issues regarding 1MDB," IPIC said

Abu Dhabi's International Petroleum Investment Co (IPIC) said on Wednesday that it was dropping a lawsuit against Goldman Sachs Group Inc to recover losses suffered from the U.S. investment bank's dealings with Malaysian state fund 1MDB.

The lawsuit had alleged that Goldman conspired with unidentified people from Malaysia to bribe its two former executives - former IPIC managing director Khadem Abdulla al-Qubaisi and Mohamed Ahmed Badawy al-Husseiny, former CEO of Aabar, an IPIC unit - to further their business at its expense.