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PETALING JAYA: Abu Dhabi’s International Petroleum Investment Co (IPIC) has dropped a lawsuit against Goldman Sachs Group Inc to recoup losses suffered from the US investment bank’s transactions with 1MDB, Reuters reported, citing a court document on Tuesday.
The lawsuit alleged that Goldman conspired with unidentified persons from Malaysia to bribe two former executives, Khadem Abdulla al-Qubaisi and Mohamed Ahmed Badawy al-Husseiny, to promote their businesses at their expense.
Khadem Abdulla is the former managing director of IPIC and Ahmed Badawy is the former CEO of Aabar, a unit of IPIC.
Reuters said Goldman Sachs did not immediately respond to a request for comment, while Abu Dhabi state fund Mubadala Investment Company, which controls IPIC, could not be immediately reached.
Malaysia dropped criminal charges against three Goldman Sachs units in September after the bank agreed to pay $ 3.9 billion to settle the investigation.
Goldman Sachs had generated about $ 600 million in commissions from its work with 1MDB, which included three bond offerings in 2012 and 2013 that raised $ 6.5 billion.
