1MDB has fully paid settlement amount: Abu Dhabi's IPIC

Kuala Lumpur

ABU Dhabi's government-owned International Petroleum Investment Co (IPIC) on Wednesday said Malaysian state fund 1Malaysia Development Berhad (1MDB) has made all required payments as part of a settlement agreement between the two.

1MDB was required to pay IPIC about US$600 million by Dec 31, as part of a settlement agreement reached in April after 1MDB defaulted on its bonds, causing the Abu Dhabi company to ask a London court to arbitrate over a claim totalling some US$6.5 billion.