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No talks with China to help settle 1MDB dispute: Chairman

KUALA LUMPUR — 1Malaysia Development Berhad (1MDB) chairman Mohd Irwan Serigar Abdullah denied yesterday that the state-owned investment fund was in talks with any Chinese company to help resolve its multi-billion ringgit dispute with Abu Dhabi-based International Petroleum Investment Company (Ipic), as reported in the media.

KUALA LUMPUR — 1Malaysia Development Berhad (1MDB) chairman Mohd Irwan Serigar Abdullah denied yesterday that the state-owned investment fund was in talks with any Chinese company to help resolve its multi-billion ringgit dispute with Abu Dhabi-based International Petroleum Investment Company (Ipic), as reported in the media.

“I am the chairman, and no such talks have taken place. No one has spoken to me about it,” said Mr Mohd Irwan at a press conference.

He was responding to an article in the Financial Times on Wednesday that had cited anonymous sources saying that China will help 1MDB make repayments in the US$6.5 billion (S$9.2 billion) dispute with Ipic.

In June, Ipic and its unit Aabar Investments PJS submitted their claims at the London Court of International Arbitration, seeking monies from 1MDB.

Ipic has claimed that 1MDB did not fulfil its financial obligations to the Abu Dhabi sovereign wealth fund.

The dispute has led to default on repayments on bonds issued by 1MDB before.

Chinese firms have previously bought over key 1MDB assets, such as its energy arm Edra Global and the Bandar Malaysia development.

The deals helped 1MDB to clear out a RM42 billion (S$13.4 billion) debt and balance its books. Malay Mail

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