DUBAI, United Arab Emirates – A government-backed investment fund in the United Arab Emirates is denying links to a similarly named company tied to indebted Malaysian investment fund 1MDB.
Abu Dhabi-based Aabar Investments and its parent International Petroleum Investment Company said in a filing to the London Stock Exchange on Monday that a company based in the British Virgin Islands known as Aabar Investments PJS Limited "was not an entity within either corporate group." They denied receiving payments from the Caribbean company or assuming its liabilities.
A Malaysian parliamentary inquiry has found an unexplained payment of $2.1 billion by 1MDB to Aabar Investments PJS Limited.
Malaysian Prime Minister Najib Razak was behind the creation of 1MDB in 2009 and has been fighting allegations that cash from the fund flowed into his personal accounts.