KUALA LUMPUR, June 14 — Abu Dhabi’s International Petroleum Investment Company (IPIC) and Aabar Investments PJS have submitted a Request for Arbitration (RFA) to the London Court of International Arbitration, said 1Malaysia Development Bhd (1MDB).

In a statement today, the company said, it and its legal counsel will review the RFA once it has been served with a copy.

The strategic investment fund reiterated that, notwithstanding the dispute with IPIC, it has a strong liquidity position and was able to honour its current debt obligations.

According to a filing to the London Stock Exchange by Aabar, the RFA concerned the failure by 1MDB and Minister of Finance Inc (MOF) to perform their contractual obligations under the Binding Term Sheet (BTS) as described in IPIC GMTN Limited’s announcement of June 10, 2015.

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 RM26.5 billion.

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