Mubadala Investment Co. has shelved any new activities with the Goldman Sachs Group Inc. until the lawsuit filed by Abu Dhabi's investment vehicle's subsidiary, International Petroleum Investment Company (IPIC) is resolved.
IPIC lawsuit alleges the American bank bribed its officials to influence them to act against the fund’s interests by guaranteeing billions of dollars in bonds issued by 1Malaysia Development Berhad (1MDB) fund, which later defaulted in the event which became knows as the 1MDB corruption scandal.
"We have suspended any activities with Goldman Sachs pending the outcome of the litigation," a spokesperson for the investment company said, adding "only exceptions are engagements signed prior to the litigation, which will continue as per contractual terms."
