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Malaysia's 1MDB agrees to request for arbitration filed by UAE's Ipic
[KUALA LUMPUR] Malaysian state-owned fund 1Malaysia Development Berhad (1MDB) on Monday said it had agreed to a request for arbitration filed by Abu Dhabi's International Petroleum Investment Company (Ipic) and its subsidiary, Aabar Investments PJS.
Ipic, in a submission to the London Court of International Arbitration last month, is claiming about US$6.5 billion from 1MDB and Malaysia's finance ministry after a debt restructuring agreement between the companies went sour.
"1MDB is confident in its legal position and has submitted a formal and robust response to the RFA (request for arbitration) through its legal counsel, Weil Gotshal & Manges, a specialist in international litigation," 1MDB said in a statement.
For more coverage of the 1MDB scandal: bt.sg/1MDB