June 14, 2016 / 7:32 AM / 2 years ago

BRIEF-IPIC submits a request for arbitration

June 14 (Reuters) - IPIC GMTN Ltd :

* IPIC submits a request for arbitration

* International petroleum investment company pjsc and aabar investments pjs have submitted a request for arbitration to london court of international arbitration

* Rfa concerns failure by 1mdb and minister of finance, inc., malaysia (mof) to perform their contractual obligations under binding term sheet (bts) as described in ipic gmtn limited’s announcement of 10 june 2015

* Failure of 1mdb and mof to perform their obligations, cure their defaults or put forward acceptable proposals has left ipic in position where it must pursue its claims in arbitration

* Total amount claimed by IPIC/aabar is approximately $6.5 billion.

* Claim will be determined by an arbitral tribunal that will comprise of three arbitrators in accordance with binding term sheet and lcia rules Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below