Cover image via The Malaysian TimesAbu Dhabi's International Petroleum Investment Co. (IPIC) has submitted a Request for Arbitration (RFA) to the London Court of International Arbitration (LCIA) after it failed to settle a debt payment dispute with 1Malaysia Development Bhd (1MDB)
Here are some things that you should know about this latest 1MDB development:
1. IPIC is seeking USD6.5 billion (about RM25.5 billion) from the troubled Malaysian state investment company
Image via The Malaysian Times
2. Last month, IPIC claimed that 1MDB and the Malaysian government owe it more than USD1.2 billion
Image via Malay Mail Online
3. Bloomberg reported that 1MDB didn't reply immediately to an email and phone calls seeking comment
It [added](http://www.bloomberg.com/news/articles/2016-06-14/ipic-seeks-6-5-billion-from-1mdb-malaysia-in-arbitration-bid) that attempts to reach a Ministry of Finance spokeswoman for comment were not successful.
4. However, 1MDB has issued an official statement yesterday, 14 June
In its [statement](http://www.1mdb.com.my/press-release/statement-by-1mdb-regarding-ipic-and-aabar-submission-of-a-request-for-arbitration), 1MDB acknowledged that IPIC and Aabar Investments PJS ("Aabar") have submitted a Request for Arbitration to the London Court of International Arbitration.
It further states that 1MDB and its legal counsel will review the request for arbitration once it has been served with a copy.
**1MDB also stressed that it has a strong liquidity position and is able to honour its current debt obligations.**
