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IPIC, Aabar agree to pay Malaysia US$1.8bil 1MDB settlement

KUALA LUMPUR: The International Petroleum Investment Company (IPIC) and Aabar Investments PJS have agreed to pay US$1.8 billion (about RM8.06 billion) to the Minister of Finance (Incorporated) and 1Malaysia Development Bhd (1MDB).

This follows a settlement reached between the parties over their dispute regarding 1MDB.

"The Ministry of Finance is pleased to announce that the Minister of Finance (Incorporated) and 1Malaysia Development Bhd have reached a settlement regarding their dispute with International Petroleum Investment Company (IPIC) and Aabar Investments PJS (Aabar PJS) in respect of the legal proceedings in the London Court of International Arbitration and the London High Court.

"In this respect, IPIC and Aabar PJS have agreed to pay US$1.8 billion to Minister of Finance (Incorporated) and 1MDB.

"With this settlement, Malaysia and Abu Dhabi look forward to continue working together for the prosperity and economic benefit of both countries in the future," the ministry said in a statement today.

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