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Thursday, January 21, 2021

Abu Dhabi’s IPIC Drops Lawsuit Against Goldman Sachs

Abu Dhabi’s International Petroleum Investment dropped on Wednesday afternoon a lawsuit against American lender Goldman Sachs to recover losses that it suffered from the investment bank’s dealings with Malaysian state fund 1MDB.

Abu Dhabi’s International Petroleum Investment dropped on Wednesday afternoon a lawsuit against American lender Goldman Sachs to recover losses that it suffered from the investment bank’s dealings with Malaysian state fund 1MDB.

A court filing revealed that the lawsuit had alleged that Goldman Sachs conspired with unidentified people from Malaysia to bribe its two former executives to further their business at its expense. 

The former executives were former IPIC managing director Khadem Abdulla al-Qubaisi and Mohamed Ahmed Badawy al-Husseiny, who was the former Chief Executive Officer of IPIC unit Aabar.

Last month, Malaysian authorities dropped criminal charges against three units of the American investment bank after it agreed to pay nearly $4 billion to settle the investigation against it.

Goldman Sachs had generated about $600 million in fees for its work with the Malaysian Sovereign wealth fund, which included three different bond offerings in the years 2012 and 2013 that raised $6.5 billion.

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