Abu Dhabi- Mubasher: The UAE’s International Petroleum Investment Company (IPIC) and Aabar Investments have referred 1Malaysia Development Berhad (1MDB) and Malaysia’s Ministry of Finance (MoF) to the London Court of International Arbitration (LCIA), according to a press release.
The Malaysian MoF and 1MDB have failed to fulfill their contractual obligations to the complainants to restructure their debts.
The two UAE companies’ claimed an amount of $6.5 billion as a compensation from the complained-against parties.
“The claim will be determined by an arbitral tribunal that will comprise of three arbitrators in accordance with the Binding Term Sheet and the LCIA Rules,” said the statement.
