IPIC asks London court to arbitrate in dispute with 1MDB in which it is claiming $6.5 billion
Malaysia's state fund 1MDB said it had been served on Friday with a request for arbitration by Abu Dhabi's International Petroleum Investment Company (IPIC) and Aabar Investments PJS, in relation to its ongoing dispute with IPIC.
1Malaysia Development Berhad (1MDB) appointed Weil Gotshal & Manges to represent it in the dispute and will file a response to the request before the deadline of July 11, it said in a statement.
IPIC has asked a London court to arbitrate in the dispute with 1MDB, in which it is claiming about $6.5 billion.
On Tuesday, IPIC and Aabar said in an announcement to the London Stock Exchange they had submitted a request to the London Court of International Arbitration.