Friday, Apr 19 2024 | Time 07:32 Hrs(IST)
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World


UAE's IPIC takes Malaysia fund dispute to London court, seeks 6.5 billion dollars

DUBAI, Jun 14 (Reuters) Abu Dhabi's state-owned International Petroleum Investment Co (IPIC) asked a London court to arbitrate in a dispute with Malaysian state fund 1MDB, in which it is claiming about 6.5 billion dollars, IPIC said today.
The submission to the London Court of International Arbitration alleges that 1MDB and Malaysia's finance ministry failed to perform their obligations under a debt restructuring agreement involving the companies last June.
Malaysia's finance ministry dissolved 1MDB's board of advisers and took over its remaining assets last month. The fund is the subject of money-laundering investigations in at least six countries.
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Iran may reconsider nuclear policy over threats from Israel

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