UAE: Settlement reached with 1MDB

The UAE’s International Petroleum Investment Company (Ipic) is to receive $1.2bn in payments from 1Malaysia Development Berhad (1MDB), in an important step towards cleaning up the long-running 1MDB scandal. The payments will be made by 1MDB and the Malaysian Ministry of Finance in two tranches, on 31 July and 31 December. 1MDB and the Malaysian government also have agreed to cover all future interest and principal payments on two $1.75bn bonds issued by 1MDB that are guaranteed by 1MDB and Ipic and fall due in 2022.