China: China to help 1MDB settle multi-billion-dollar legal dispute with Abu Dhabi: Financial Times
Author(s): UNK | Date: December 7, 2016 | Language: English
Source: http://www.straitstimes.com/ | URL: https://goo.gl/EgqJ1c | Type: Text
Malaysia’s state investment fund 1MDB is preparing to make a repayment with Chinese assistance to Abu Dhabi’s state-owned fund as it seeks to settle a US$6.5 billion (S$9.25 billion) dispute over an alleged breach of contract, the Financial Times reported on Wednesday (Dec 7).
The report followed one by The Straits Times in July that said Chinese companies were looking at buying a piece of 1MDB-owned prime land in Penang as a financial lifeline for 1MDB.
The move to begin repaying what 1MDB owes Abu Dhabi’s International Petroleum Investment Company (IPIC) was confirmed by two people familiar with the matter, FT said, and marks a step forward in efforts to resolve the financial position of the heavily indebted state fund.
China has been approached as a source of funds for 1MDB, FT said, citing three people with knowledge of the matter, one of whom said Malaysia would swap assets for financing.
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