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/Aabar is approximately US$6.5 billion," it added.