Malaysia can challenge IPIC consent award before parallel lawsuit, UK court rules in 1MDB-linked case
( November 27, 2019, 05:15 GMT | Official Statement) -- MLex Summary: The Malaysian government will be able start a court challenge against the legitimacy of an agreement between 1Malaysia Development Berhad and International Petroleum Investment Company before a parallel lawsuit can go ahead, the UK's Court of Appeal has ruled. The Malaysian government is currently locked in a complex dispute on behalf of 1MDB over whether it should have paid, and continue to pay, billions of dollars in debts and funds linked to bond deals with the Abu Dhabi state-owned energy investment fund. The Malaysian government argues that under the agreement, or "consent award," drawn up under Najib Razak's government, was part of a conspiracy to defraud, acting contrary to the interests of the government and should consequently by nullified. IPIC failed to dismiss Malaysia’s challenge against the consent award, but the UK High Court previously put the challenge on hold until parallel proceedings initiated against the government by IPIC were resolved. The Court Of Appeal ruling, however, overturned the High Court's decision, allowing the consent order challenge to proceed while the related lawsuit will be restrained.The full statement from the Attorney General's Chambers and the UK Court of Appeal Judgement is attached below. ...
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