The London Stock Exchange was informed this morning:
Following the announcement on 24 April 2017 of the conditional settlement reached between International Petroleum Investment Company PJSC (IPIC), Aabar Investments PJS (Aabar), the Minister of Finance (Incorporated) Malaysia (MoF Inc.) and 1Malaysia Development Berhad (1MDB), a consent award was made on 9 May 2017. Accordingly, the settlement in respect of the arbitration proceedings at the London Court of International Arbitration is now unconditional.
Malaysia's ruling UMNO has declared publicly that the settlement is intended to frustrate an ongoing US DOJ investigation into the multi-billion dollar theft from 1MDB.The state owned Straits Trimes of Singapore first reported the manoeuvre by Malaysia and Abu Dhabi,and later reported how a sham transaction will be used to effect the settlement.
The LCIA cannot claim ignorance of these reports, given the extent and sources of reporting on the matter.
END
Thursday, April 27, 2017
Illegality may prevent London Arbitration Court from making a consent award in the IPIC-1MDB matter-Settlement may be denied
Settlement weakens DOJ's case
IPIC informed the LSE on Monday:
International Petroleum Investment Company PJSC (IPIC), Aabar Investments PJS (Aabar), the Minister of Finance (Incorporated) Malaysia (MoF Inc.) and 1Malaysia Development Berhad (1MDB) are pleased to announce that an agreement has been reached between all parties that provides for a settlement in respect to the arbitration proceedings at the London Court of International Arbitration (the Settlement). The agreement is conditional on the Arbitration Tribunal making a consent award by 31 May 2017.
Meanwhile, a senior figure in the Malaysian Government and ruling UMNO ,Puad Zarkashi, has said publicly that the settlement is intended to defeat a criminal investigation by the US Department of Justice ,and other national enforcement agencies into 1 MDB, the Malaysian Government and Najib Razak , the Prime Minister and Finance Minister:
"This arbitration settlement has weakened the US DOJ civil suit and claims that 1MDB's funds were stolen," said Umno supreme council member Mohd Puad Zakarshi in a statement today.Mohd Puad is also the director-general of the Information Ministry's Special Affairs Division (Jasa).
While the rules governing arbitration courts are complex, it is hard to see that the London Court Of International Arbitration would want to be a party to a consent award where at least one party has made public that the award will be used as a means to defeat a a criminal investigation.To make matters worse, this is a matter that has been very widely publicized. worldwide and it would be impossible for anyone, including the arbitrators in this matter, to deny knowledge of what is intended.
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IPIC informed the LSE on Monday:
International Petroleum Investment Company PJSC (IPIC), Aabar Investments PJS (Aabar), the Minister of Finance (Incorporated) Malaysia (MoF Inc.) and 1Malaysia Development Berhad (1MDB) are pleased to announce that an agreement has been reached between all parties that provides for a settlement in respect to the arbitration proceedings at the London Court of International Arbitration (the Settlement). The agreement is conditional on the Arbitration Tribunal making a consent award by 31 May 2017.
Meanwhile, a senior figure in the Malaysian Government and ruling UMNO ,Puad Zarkashi, has said publicly that the settlement is intended to defeat a criminal investigation by the US Department of Justice ,and other national enforcement agencies into 1 MDB, the Malaysian Government and Najib Razak , the Prime Minister and Finance Minister:
"This arbitration settlement has weakened the US DOJ civil suit and claims that 1MDB's funds were stolen," said Umno supreme council member Mohd Puad Zakarshi in a statement today.Mohd Puad is also the director-general of the Information Ministry's Special Affairs Division (Jasa).
While the rules governing arbitration courts are complex, it is hard to see that the London Court Of International Arbitration would want to be a party to a consent award where at least one party has made public that the award will be used as a means to defeat a a criminal investigation.To make matters worse, this is a matter that has been very widely publicized. worldwide and it would be impossible for anyone, including the arbitrators in this matter, to deny knowledge of what is intended.
END
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