US

Emiratis, Malaysians reach $1.2B deal over troubled fund

Emirati and Malaysian officials say they've reached a deal over the indebted and troubled Malaysian investment fund 1MDB, with the UAE set to receive $1.2 billion over this year.

A filing on Monday on the London Stock Exchange says Abu Dhabi's International Petroleum Investment Co. will receive half the money by July 31 and the other half by Dec. 31.

The filing says Malaysian officials also have agreed to cover all payments on two $1.75 billion bonds. The filing says the settlement is contingent on the approval of an arbitration tribunal in London.

The 1MDB fund has been the focus of worldwide investigations over embezzlement and money-laundering allegations.

The U.S. Justice Department says people close to Malaysian Prime Minister Najib Razak stole at least $3.5 billion from 1MDB.