October 30, 2018 / 7:33 AM / 17 days ago

Malaysia challenges $5.78 bln settlement between 1MDB and IPIC

KUALA LUMPUR, Oct 30 (Reuters) - Malaysia will file a legal challenge to a 2017 consent award granted to Abu Dhabi fund IPIC in a debt dispute with scandal-hit state fund 1MDB, its attorney general said on Tuesday.

Under the 2017 award, Malaysia was obliged to pay $5.78 billion to IPIC and the bond trustee over five years, attorney general Tommy Thomas said in a statement.

“The base of Malaysia’s legal challenge in the High Court in London is that the consent award was procured by fraud or in a manner contrary to public policy,” Thomas said, adding that Malaysia will seek relief from any payment obligations to IPIC.

Reporting by A. Ananthalakshmi; Editing by Nick Macfie

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