Abu Dhabi firms to pay US$1.8bil to MOF Inc and 1MDB as settlement, says Finance Ministry

PETALING JAYA: The International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar PJS) have agreed to pay US$1.8bil (RM8.06bil) to the Minister of Finance (Incorporated) and 1Malaysia Development Berhad (1MDB).

"The Finance Ministry is pleased to announce that the Minister of Finance (Incorporated) and 1Malaysia Development Berhad have reached a settlement regarding their dispute with International Petroleum Investment Company and Aabar Investments PJS in respect of the legal proceedings in the London Court of International Arbitration and the London High Court.