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

Singapore

AILING 1Malaysia Development Berhad (1MDB), a state-backed firm at the heart of a huge political scandal in Malaysia, is set for more financial pain amid signs that Abu Dhabi's International Petroleum Investment Company (IPIC) could pull the plug on a plan to help restructure its US$3.5 billion debt, barely three months after it agreed to do so.

The Business Times understands that IPIC and its subsidiary Aabar Investments, which have had significant dealings with 1MDB, are having second thoughts over the agreement that was hoped would cut 1MDB's debts by RM16 billion (S$5.3 billion) in exchange for undisclosed assets.