Arbitration Submission: BTS IPIC, Aabar, MOF, 1mdb

IPIC Submits a Request for Arbitration

International Petroleum Investment Company PJSC (IPIC) and Aabar Investments PJS (Aabar) have submitted a Request for Arbitration (RFA) to the London Court of International Arbitration. The RFA concerns the failure by 1Malaysia Development Berhad (1MDB) and Minister of Finance, Inc., Malaysia (MOF) to perform their contractual obligations under the Binding Term Sheet (BTS) as described in IPIC GMTN Limited's announcement of 10 June 2015 (RNS Number 7064P). 

The failure of 1MDB and MOF to perform their obligations, cure their defaults or put forward acceptable proposals has left IPIC in the position where it must pursue its claims in arbitration. The total amount claimed by IPIC/Aabar is approximately U.S.$6.5 billion.

The claim will be determined by an arbitral tribunal that will comprise of three arbitrators in accordance with the Binding Term Sheet and the LCIA Rules.

This announcement follows previous announcements issued by IPIC GMTN Limited (RNS Number 8996X, RNS Number 8054W, RNS Number 1844W, RNS Number 4672V and RNS Number 7064P) concerning IPIC's position with 1MDB and MOF.