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Tuesday, June 14, 2016

IPIC takes 1MDB, MOF to international arbitration over US$6.5b default

The International Petroleum Investment Company (IPIC) and its subsidiary Aabar Investments PJS (Aabar) have submitted a Request for Arbitration (RFA) to the London Court of International Arbitration over its US$6.5 billion claim against 1MDB and the Ministry of Finance Incorporated (MOF).

"The RFA concerns the failure by 1MDB and MOF to perform their contractual obligations under the Binding Term Sheet (BTS) as described in IPIC GMTN Limited's announcement of 10 June, 2015 (RNS Number 7064P)," read the disclosure sent by IPIC to the London Stock Exchange today.

IPIC stated that 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 which it says amounts to US$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," said IPIC in the disclosure.
- Malaysiakini

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