Malaysia is open to settling its legal battle with Abu Dhabi’s state investment fund over 1MDB, just weeks after clinching a multibillion dollar deal with Goldman Sachs Group Inc. over the troubled state fund.

The government is challenging an arbitration award that requires it to pay US$5.78 billion to IPIC and the holders of certain 1MDB bonds, seeking to recover US$3.5 billion paid by 1MDB or reduce its liability to pay interest and principal under bonds jointly guaranteed by IPIC up to that same amount

The country is willing to consider a settlement if International Petroleum Investment Co. (IPIC) makes an offer that’s in line with Malaysia’s intent to retrieve assets and ensure justice is carried out, Attorney-General Idrus Harun said in a statement Tuesday. For now, Malaysia hasn’t dropped its proceedings against IPIC and talks are ongoing between the two countries, he added.

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The government is challenging an arbitration award that requires it to pay US$5.78 billion to IPIC and the holders of certain 1MDB bonds, seeking to recover US$3.5 billion paid by 1MDB or reduce its liability to pay interest and principal under bonds jointly guaranteed by IPIC up to that same amount. In November, the country won a ruling at the London court to allow public hearings for the case.

Two years after Malaysia revived investigations into 1MDB, the country is starting to see a few of the proceedings reach some form of resolution. Former premier Najib Razak was sentenced to 12 years in prison and a 210 million ringgit (US$50 million) fine last week after he was ruled guilty in a case linked to 1MDB. Malaysia struck a US$3.9 billion settlement with Goldman Sachs in July to resolve criminal charges against the US bank.

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