Abu Dhabi's IPIC says Malaysian fund 1MDB has paid settlement amount in full

Signage for 1Malaysia Development Bhd. (1MDB) is displayed at the site of the Tun Razak Exchange (TRX) project in Kuala Lumpur, Malaysia, on Friday, July 17, 2015. Photographer: Goh Seng Chong/Bloomberg

Abu Dhabi’s government-owned International Petroleum Investment Co (IPIC) on Wednesday said Malaysian state fund 1Malaysia Development Berhad (1MDB) has made all required payments as part of a settlement agreement between the two.

1MDB was required to pay IPIC about $600 million by Dec. 31, as part of a settlement agreement reached in April after 1MDB defaulted on its bonds, causing the Abu Dhabi company to ask a London court to arbitrate over a claim totaling some $6.5 billion.

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