DAP MP asks Putrajaya if it has stopped UK dispute with Abu Dhabi fund

Pua described the alleged development as the latest is a series of 'bewildering settlements by the Muhyiddin government in cases relating 1MDB'. — Picture by Yusof Mat Isa
Pua described the alleged development as the latest is a series of 'bewildering settlements by the Muhyiddin government in cases relating 1MDB'. — Picture by Yusof Mat Isa

KUALA LUMPUR, Aug 3 — Damansara MP Tony Pua said the government must clarify a report alleging that it has ceased challenging a previous settlement with the International Petroleum Investment Corporation (IPIC) in London, UK.

He expressed “shock” over the report that also claimed Foreign Affairs Minister Datuk Seri Hishammuddin Hussein has been tasked with negotiating a resolution with Abu Dhabi over the matter.

“Datuk Seri Hishamuddin Hussein must confirm if the Malaysian Government has stopped the Court proceedings in London against International Petroleum Investment Corporation (IPIC) to recover the losses suffered by 1MDB,” Pua said in a statement.

He also described the alleged development as the latest is a series of “bewildering settlements by the Muhyiddin government in cases relating 1MDB”.

In 2017, the Barisan Nasional government at the time settled with the IPIC after the Abu Dhabi sovereign wealth fund initiated arbitration proceedings against 1MDB over US$1.4 billion it had put up as a guarantee for US$3.5 billion in bonds issued by the Malaysian investment firm.

After Pakatan Harapan won the general election in 2018, it launched a lawsuit in London to undo the settlement.

In November last year, the Malaysian government managed to secure a decision for the matter to be heard in an open court instead of private arbitration.

Yesterday, a UK-based website published a piece alleging that the legal proceedings in the UK have been halted.

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