Abu Dhabi Hunts for $1.4bn Payment in Malaysia Scandal Fllout
A corruption scandal that is engulfing Malaysia’s government and prime minister has pulled in a high-profile Abu Dhabi investment fund over more than a billion dollars that appears to have vanished.
The Gulf emirate’s International Petroleum Investment Company (Ipic) is trying to get to the bottom of an apparent $1.4bn mismatch in its dealings with 1Malaysia Development Berhad.
Ipic is seeking clarification about the fate of the money, which 1MDB said it paid out but was never recorded as received in Ipic’s own financial statements, people familiar with the matter say.
Ipic’s probe is part of a wider Abu Dhabi audit of the institution’s long entanglement with 1MDB, which has come under growing scrutiny since corruption allegations engulfed both the Malaysian fund and Najib Razak, the country’s embattled prime minister. Details