UAE's IPIC takes 1MDB dispute to London court
Dubai
ABU Dhabi's state-owned International Petroleum Investment Co (IPIC) said on Tuesday it has asked a London court to arbitrate in a dispute with Malaysian state fund 1Malaysia Development Berhad (1MDB) in which IPIC is claiming about US$6.5 billion.
The submission to the London Court of International Arbitration alleges that 1MDB and Malaysia's Ministry of Finance (MOF) failed to perform their obligations under a debt restructuring agreement involving the companies last June. "The failure of 1MDB and MOF to perform their obligations, cure their defaults or put forward acceptable proposals has left IPIC in the position where it must pursue its claims in arbitration," IPIC said. "The total amount claimed by IPIC/Aa…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Oil prices steady after Iran plays down reported Israeli attack
G7 pledges swift aid for Ukraine, seeks to calm Middle East
H5N1 strain of bird flu found in milk: WHO
China moves to boost foreign investment in domestic tech companies
Xi orders China’s biggest military reorganisation since 2015
Warner Bros CEO earned US$49.7 million in strike-impacted year