1Malaysia Development Berhad (1MDB) has slammed reports that China would help it settle its dispute with Abu Dhabi’s International Petroleum Investment Co (IPIC), reported Channel News Asia.
“I am the chairman. No one has spoken to me about it, so there is nothing,” said 1MDB chairman Mohd Irwan Serigar after yesterday’s launch of Global Entrepreneurship Community 2016. “No one is talking to the Chinese.”
Citing anonymous sources, the Financial Times on Wednesday (7 December) reported that China would assist the Malaysian state investment fund repay IPIC.
Chinese firms had previously helped 1MDB pare down its US$12 billion debt by purchasing a big stake in the Bandar Malaysia property development project and all of 1MDB energy assets.
Meanwhile, IPIC and 1MDB is involved in a US$6.5 billion dispute, in which IPIC claims that 1MDB failed to fulfil its obligation as they did not receive the money that 1MDB allegedly transferred to Aabar investment – a subsidiary of IPIC registered in British Virgin Islands.
Earlier in June, the dispute was referred to the London Court of International Arbitration. Irwan revealed that there is no outcome yet to the arbitration since it is still ongoing.
An auditor will also be appointed for 1MDB, he added.
Aside from the launch, Irwan also witnessed the signing of memoranda of understanding between Malaysia Venture Capital Management Berhad (MAVCAP) and China’s leading venture capital firm Gobi Partners, and Silicon Valley-based fund manager Elixir Capital.
The Elixir partnership is for the establishment of a Global Islamic Economy fund targeting up to US$250 million, while the partnership with Gobi, the ASEAN Growth Fund of up to US$200 million.
Image sourced from Channel News Asia
Diane Foo Eu Lynn, Senior Content Specialist at PropertyGuru, edited this story. To contact her about this or other stories email diane@propertyguru.com.my
