(Reuters) – Abu Dhabi’s International Petroleum Investment Co (IPIC) dropped a lawsuit against Goldman Sachs Group Inc <GS.N> to recover losses suffered from the U.S. investment bank’s dealings with Malaysian state fund 1MDB, a court filing showed on Tuesday.
The lawsuit had alleged that Goldman conspired with unidentified people from Malaysia to bribe its two former executives – former IPIC managing director Khadem Abdulla al-Qubaisi and Mohamed Ahmed Badawy al-Husseiny, former CEO of Aabar, an IPIC unit – to further their business at its expense.
Goldman Sachs did not immediately respond to a Reuters request for comment. Abu Dhabi state fund Mubadala, which controls IPIC, could not be immediately reached for comment.
Malaysia in September dropped criminal charges against three Goldman Sachs units after the bank agreed to pay $3.9 billion to settle the probe.
Goldman Sachs had generated about $600 million in fees for its work with the Malaysian Sovereign wealth fund, which included three bond offerings in 2012 and 2013 that raised $6.5 billion.
(Reporting by C Nivedita in Bengaluru; Editing by Anil D’Silva)
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