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Abu Dhabi's IPIC loses case against Goldman Sachs



(Reuters) – Abu Dhabis International Petroleum Investment Co. said on Wednesday that it lost a lawsuit against Goldman Sachs Group Inc. to recover losses from the US investment bank's business with the Malaysian government fund 1MDB.

The lawsuit alleges that Goldman conspired with unidentified people from Malaysia to bribe his two former bosses – former IPIC CEO Khadem Abdulla al-Qubaisi and Mohamed Ahmed Badawy al-Husseiny, former CEO of Aabar, an IPIC unit – to promote its business at its expense

Abu Dhabi State Fund Mubadala Investment Co., which controls IPIC, had suspended business with Goldman after the lawsuit.

"Following cooperation discussions, the International Petroleum Investment Company rejects its lawsuit against Goldman Sachs, related to issues related to 1

MDB," IPIC said in an email on Wednesday.

Goldman did not immediately respond to a Reuters request for comment.

The scandal goes back to the government of former Malaysian Prime Minister Najib Razak, who set up the 1MDB fund in 2009. The Justice Department estimated $ 4.5 billion was misused by senior fund officials and their staff between 2009 and 2014. [19659002] Malaysia abolished criminal justice in September charges against three Goldman entities after the bank agreed to pay $ 3.9 billion to regulate the probe.

The Investment Bank has been investigated by regulators in at least 14 countries, including the United States, Malaysia and Singapore, for what its management did and did not know about the transactions.

Goldman is expected to settle with US authorities later this week and resolve an investigation into the bank's role in taking out three bond loans in 2012 and 2013 that raised $ 6.5 billion for the Malaysian government.

According to the US Justice Department, Goldman earned $ 600 million in fees for his work with 1MDB. Catalog

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