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Malaysia's 1MDB denies Abu Dhabi's IPIC pulling out of debt plan

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Malaysian state fund 1Malaysia Development Bhd said on Wednesday that it strongly denies that Abu Dhabi's International Petroleum Investment Co (IPIC) is considering pulling out of a plan to help restructure 1MDB's debts.

[KUALA LUMPUR] Malaysian state fund 1Malaysia Development Bhd said on Wednesday that it strongly denies that Abu Dhabi's International Petroleum Investment Co (IPIC) is considering pulling out of a plan to help restructure 1MDB's debts.

"We in fact confirm that 1MDB remains engaged in discussions with IPIC, to conclude the transaction per the terms as officially announced by IPIC to the London Stock Exchange on 10 June 2015," it said in a statement.

Citing a source, Singapore's Business Times newspaper reported earlier in the day that IPIC is considering withdrawing from the plan to help restructure 1MDB's debts, barely three months after agreeing to do so. On Tuesday, 1MDB did not respond to queries by The Business Times to confirm or deny the allegations.

The Malaysian fund, whose advisory board is chaired by Prime Minister Najib Razak, has been dogged by controversy over its US$11 billion in debt and is the subject of multiple investigations amid allegations of financial mismanagement and graft.

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