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FINANCIAL NEWS
Emiratis, Malaysians to resolve USD1.2bn deal over troubled fund
25 Apr 2017
(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.
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MENAFN2504201700450000ID1095417011
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