1MDB Denies China's Involvement In Payment Disputes With IPIC

KUALA LUMPUR, Dec 8 (Bernama) -- 1Malaysia Development Bhd (1MDB) has denied China's involvement in payment disputes with Abu Dhabi's International Petroleum Investment Co (IPIC). 1MDB Chairman Dr Mohd Irwan Serigar Abdullah, who is also Malaysia's Treasury Secretary-General, said he has never been approached regarding China's assistance in the payment. "No one spoke to me. No one is talking to the Chinese," he told reporters after the launch of Global Entrepreneurship Community 2016 here Thursday. On Wednesday, a financial publication reported that China would assist 1MDB in making a repayment to IPIC, which comes amid a US$6.5 billion dispute between 1MDB and the Abu Dhabi state-owned fund. Meanwhile, at the Malaysia Venture Capital Management Bhd (MAVCAP) event here later Thursday, Irwan was asked to comment on an update on the arbitration filed by IPIC against 1MDB at the London Court of International Arbitration. "So far it is still ongoing. We are still waiting, let us see what happens. No outcome yet, no result being mentioned as yet," he said. He also said an auditor will soon be appointed for the state-owned fund. Irwan witnessed the signing of Memorandums of Understanding between MAVCAP and Gobi Partners, a leading venture capital firm from China, and Elixir Capital, a Silicon Valley-based fund manager. The partnership with Gobi is for the establishment of the ASEAN Growth Fund targetting up to US$200 million, while with Elixir, a Global Islamic Economy fund of up to US$250 million is set to be established (US$1 = RM4.42). --BERNAMA