Malaysia's 1MDB agrees to request for arbitration filed by IPIC

1 Malaysia Development Berhad (1MDB). (Manan Vatsyayana/AFP/Getty Images)

Malaysian state-owned fund 1Malaysia Development Berhad (1MDB) has said it has agreed to a request for arbitration filed by Abu Dhabi's International Petroleum Investment Company (IPIC) and its subsidiary, Aabar Investments PJS.

IPIC, in a submission to the London Court of International Arbitration last month, is claiming about $6.5 billion from 1MDB and the Malaysia's finance ministry after a debt restructuring agreement between the companies went sour.

"1MDB is confident in its legal position and has submitted a formal and robust response to the RFA (request for arbitration)through its legal counsel, Weil Gotshal & Manges, a specialist in international litigation," 1MDB said in a statement.

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