Ipic rules out any links with BVI company

Abu Dhabi’s state-owned International Petroleum Investment Company (Ipic) said neither itself nor its unit Aabar Investments have any links to a British Virgin Islands-incorporated company named in a report into the troubles at Malaysian state fund 1MDB.

“Both Ipic and Aabar confirm that Aabar BVI was not an entity within either corporate group,” Ipic said in a statement on the London Stock Exchange, referring to Aabar Investments.

“Further, both Ipic and Aabar confirm that neither has received any payments from Aabar BVI nor has Ipic or Aabar assumed any liabilities on behalf of Aabar BVI,” the statement said, noting that according to publicly available records, Aabar BVI was wound up and dissolved in June last year.


Ipic has close business links to Malaysia’s scandal-hit state fund 1MDB, which is at the centre of corruption and money-laundering investigations across multiple jurisdictions.

A Malaysian parliamentary report into 1MDB said last week billions of dollars in unexplained payments were made to a company called “Aabar Investments PJS Ltd (Aabar Ltd)” in 2012 without board approval.

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