Emiratis, Malaysians reach $1.2B deal over troubled fund
Apr 25, 2017, 12:47
1MDB (1Malaysia Development Berhad) will also assume responsibility for the coupon and principal obligation on bonds worth $3.5 billion which it issued and which were guaranteed by IPIC, the statement said.
Following Monday's settlement, 1MDB said it will meet the obligations through liquidation of investment fund units.
Justice Zainal Azman ruled that there was sufficient proof - based on the applicants' affidavits and testimony - that the Temiar had resided in the area for a long time, practised their customs on it, and managed the land. Najib was later cleared by Malaysian authorities of wrongdoing in receiving money allegedly from 1MDB.
IPIC, and subsidiary Aabar Investments PJS had brought 1MDB to arbitration past year over a dispute regarding collateral for the bonds.
In the UAE, the former head of IPIC, Khadem al-Qubaisi, is named in a series of court documents filed by USA federal prosecutors as receiving money from the 1MDB scam and buying luxury properties.
"The news that 1MDB and Abu Dhabi's IPIC has come to a USD6 billion settlement instead of continuing with their worldwide arbitration has come to a shock to many but not to me".
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1MDB, which in July 2016 said its audited financial statements for 2013 and 2014 should not be relied upon after U.S. prosecutors said more than US$3.5 billion was misappropriated from the fund, has not reissued audited accounts for financial years 2013 and 2014.
This settlement serves to only benefit the infamous Malaysian Official 1, Prime Minister Najib Razak, and his friends.
These include the $1.75bn 5.75 per cent fixed rate notes due 2022 and $1.75bn fixed rate 5.99 per cent notes due 2022, both issued by 1MDB entities.
The deal is conditional on the Arbitration Tribunal making a consent award by 31 May 2017.
"These significant events represent the continued positive progress made by 1MDB, which is nearing the completion of its rationalisation programme", he said.
Malaysia and Abu Dhabi have been in a dispute since previous year over who should foot the bill for billions of dollars that US investigators allege were stolen from 1MDB. The sovereign fund, set by by Najib, who chaired the fund's advisory board, is still the subject of investigations in various countries, including Singapore, the United States and Switzerland.
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