The government challenges the “stay of arbitration” ruling that the British court allows filing applications | The Malaysian Insight

The government challenges the “stay of arbitration” ruling that the British court allows filing applications


Last updated 2 hours ago · Published on 5 Nov 2021 12:30PM ·



The British court allowed to challenge the role played by the Abu Dhabi International Petroleum Investment Corporation (IPIC) in the 1Malaysia Development Corporation (1MDB) scandal. (Photo: Europe News Agency)

On the 4th, a judge in London approved the Malaysian government to continue to file a petition in court to challenge the role played by the Abu Dhabi International Petroleum Investment Corporation (IPIC) in the 1MDB scandal.

Putrajaya challenged the two parties’ decision in the UK to “suspend the arbitration” in 2017, saying that Abu Dhabi’s state-owned International Petroleum Investment Corporation and Aabar Investments were aware of the fraud charges faced by former Prime Minister Najib Najib when they concluded the transaction. .

According to Bloomberg News, Judge Andrew Baker approved the extension of the claim period to fully hear this “unusual” case.

“This is a special extension of approval, but there is no doubt that this is also a special case.”

1MDB was originally an investment fund to develop the Malaysian economy, but most of 1MDB’s funds were accused of being embezzled by people connected with Najib and used to bribe others.

The case heard in London is one of a series of judicial and regulatory investigations against 1MDB worldwide, including the United States and Malaysia.

According to court documents, International Petroleum Investment Corporation and Aabar are co-conspirators in the 1MDB fraud case. If the Malaysian government succeeds in the case, it will be able to further recover the compensation paid.

Richard Little, a lawyer at Eversheds Sutherland Law Firm, representing 1MDB and the Minister of Finance of Malaysia, said, “As part of an open and transparent process, this result will finally allow the commercial courts to fully review the important aspects of 1MDB fraud. Level.”

Lawyers representing IPIC and Aabar declined to comment.


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