(MENAFN) Emirati and Malaysian officials proclaimed that they reached a deal to resolve troubled Malaysian investment fund 1MDB, with the UAE set to get USD1.2bn this year.
Additionally, the deal, which would need to be confirmed by an arbitration panel in London, resolves one part of the sprawling, worldwide investigation into 1MDB.
Last year, the Abu Dhabi-based Intl Petroleum Investment Co. alleged 1MDB defaulted on more than USD1.1bn in debt it owed to sovereign wealth fund.
Accordingly, Malaysian officials agreed to pay the wealth fund USD1.2bn this year, with half being due by July 31 and the other half by Dec. 31.
MENAFN2504201700450000ID1095417011
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.