KUALA LUMPUR (June 14): Abu Dhabi sovereign fund International Petroleum Investment Co (IPIC) and Aabar Investments PJS (Aabar) have submitted a request for arbitration (RFA) to the London Court of International Arbitration (LCIA) to claim US$6.5 billion ($8.8 billion) from Malaysia.

The RFA is in regards to IPIC's claim that 1Malaysia Development Bhd (1MDB) and Minister of Finance Inc (MoF Inc) have failed to perform their contractual obligations under the Binding Term Sheet (BTS).

"The failure of 1MDB and MoF Inc to perform their obligations, cure their defaults or put forward acceptable proposals, has left IPIC in the position where it must pursue its claims in arbitration. The total amount claimed by IPIC/Aabar is approximately US$6.5 billion," IPIC said in a filing to the London Stock Exchange today.

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