IPIC seeks US$6.5 billion from 1MDB, Malaysia in arbitration bid

A man walks past a 1MDB billboard in Kuala Lumpur, on March 1, 2015.
A man walks past a 1MDB billboard in Kuala Lumpur, on March 1, 2015.PHOTO: REUTERS

KUALA LUMPUR (BLOOMBERG) - Abu Dhabi's sovereign wealth fund is seeking US$6.5 billion in claims from Malaysia's troubled state investment company 1Malaysia Development Bhd. and the nation's finance ministry.

International Petroleum Investment Company PJSC and its unit Aabar Investments PJS have submitted a request for arbitration to the London Court of International Arbitration, according to a London stock exchange filing.

"The failure of 1MDB and MOF to perform their obligations, cure their defaults or put forward acceptable proposals has left IPIC in the position where it must pursue its claims in arbitration," IPIC said.

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