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1MDB agrees to US$1.2 billion settlement with Abu Dhabi fund

Malaysian development fund 1MDB – the focus of fraud allegations that have had far-reaching effects on private banks in Asia – has agreed to pay Abu Dhabi’s state-owned International Petroleum Investment Company (IPIC) US$1.2 billion by the end of 2017. The settlement, which follows arbitration proceedings at the London Court of International Arbitration and which was announced on Monday, relates…

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