Abu Dhabi sovereign wealth fund IPIC and its subsidiary Aabar Investments have submitted a request to the London Court of International Arbitration over a USD 6.5 billion claim against 1MDB and Malaysia’s Ministry of Finance.
The RFA concerns the failure by 1Malaysia Development Berhad (1MDB) and the Ministry of Finance to perform their contractual obligations under the Binding Term Sheet as described in IPIC GMTN Limited’s announcement of 10 June 2015.
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. The total amount claimed by International Petroleum Investment Company (IPIC) and Aabar Investments is approximately USD 6.5 billion.
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.
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