Emiratis, Malaysians reach $1.2B deal over troubled fund

Apr 25, 2017, 12:47
Emiratis, Malaysians reach $1.2B deal over troubled fund

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".

Delhi BJP files police complaint against Kejriwal
Delhi Chief Minister Aravind Kejriwal Wednesday morning called on Kerala Chief Minister Pinarayi Vijayan at the Kerala House. The elections for the 272 wards of North, East and South municipal corporations of Delhi will be held on April 23.

Microsoft Will Eventually Replace Wunderlist with New To-Do App
Once they have added the account, whenever they sign in somewhere new, they will receive a notification on their phone. Microsoft promises to bring Wunderlist's most-loved features to To-Do in the long run.

April the giraffe gives birth as millions watch live feed
The calf's father, Oliver, who watched the birth from an adjacent pen, is a first-time father at the age of 5. The staff at the Animal Adventure Park are excited for the new addition to their zoo family.

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.

YOU MIGHT ALSO LIKE
  • Israeli attack on Syria military camp kills three

    Israeli attack on Syria military camp kills three

    Most likely, Russian Federation will do nothing consequential as long as Israel doesn't seek to alter the course of the civil war. A Syrian army Facebook page named the three casualties as Mohamed Ahmed Ibrahim, Sufwan Ahmed Salibi and Osama Hamed Faraj.
    Global finance leaders grapple with globalization fears

    Global finance leaders grapple with globalization fears

    An IMF communique released on Saturday said officials "are working to strengthen the contribution of trade to our economies". The comments came a day after Trump ordered the U.S.
    High-risk HPV affects 23 percent of American adults

    High-risk HPV affects 23 percent of American adults

    They found around 0.5% of women from the 1995 group tested positive for HPV 16/18, compared with 21.4% of women born before 1990. The prevalence of any oral HPV among adults 18-69 years old was 7.3% and high-risk oral HPV was 4% during the four-year period.
  • How the Borussia bomber hoped to make millions

    How the Borussia bomber hoped to make millions

    No one was killed, but the bombs injured a policeman and one of Dortmund's players, 26-year-old Spanish global Marc Bartra. A police officer accompanying the bus also suffered trauma.

    Ronaldo hat trick puts Madrid into Champions League semis

    Bayern saw midfielder Arturo Vidal sent off for what looked a harsh second caution to go into extra time with just 10 men. Bayern coach Carlo Ancelotti said that " Lewandowski is OK - he trained yesterday with everyone and is fine".

    Theresa May seeks early election to take United Kingdom through Brexit

    At present, May's governing Conservatives have a small majority, with 330 seats in the 650-seat House of Commons . Ms May took office last July after David Cameron, her predecessor, resigned amidst the Brexit referendum result.
  • Arnautovic blunder proves valuable to Swansea

    Arnautovic blunder proves valuable to Swansea

    Marko Arnautovic stepped up from the spot but inexplicably struck his penalty high into the stands behind Fabianski's goal . Paul Clement insists his Swansea players have the stomach for their Premier League relegation fight.
    Seahawks to open 2017 season at Packers

    Seahawks to open 2017 season at Packers

    The Packers will travel to Atlanta in week two to open the NFC champion Falcons new stadium in primetime Sunday, Sept. 17. The Packers' Week 8 bye, the latest bye week for Green Bay since 2014 ( Week 9 ), is sandwiched by two home games.
    'Infowars' host Jones disputes persona in custody dispute

    'Infowars' host Jones disputes persona in custody dispute

    Well, his lawyer is now arguing in court that Jones is simply "playing a character" just like "a performance artist". Here's an example, a video from March 28, of Jones titled, "Democrats Admit They Are Planning To Kill Trump.
  • Future of revamped health care bill remains dubious in House

    Future of revamped health care bill remains dubious in House

    We should have started by talking about 'fixing, ' 'repairing, ' 'improving.' And we should have engaged with the Democrats on Day One.
    US Supreme Court Denies Arkansas Request to Begin Executions

    US Supreme Court Denies Arkansas Request to Begin Executions

    Bruce Ward and Don Davis had originally been the first of eight Arkansas inmates scheduled to die within 11 days of each other. Lawyers for Davis and Ward argue the two did not have adequate access to independent mental health experts at trial.
    Teen surfer fatally injured in shark attack witnessed by family

    Teen surfer fatally injured in shark attack witnessed by family

    Sharks are common in Australian waters, but fatal shark attacks have been rare over the past few decades. The girl was surfing with her father when she was attacked off Esperance in Western Australia state.
popular