Malaysia's 1MDB makes payment to Abu Dhabi after delay

Malaysia's crisis-hit state investment fund 1MDB said Friday it has paid Abu Dhabi the equivalent of $350 million, the first installment under a deal to settle its debts after it missed previous deadlines.

1MDB and its founder Prime Minister Najib Razak are battling allegations that billions were looted from the fund in complex overseas deals that are being investigated by authorities in several countries. Both the fund, 1Malaysia Development Berhad, and Najib have vehemently denied wrongdoing.

1MDB agreed in April to pay Abu Dhabi's sovereign wealth fund, International Petroleum Investment Company, about $1.2 billion to settle debts, with half due at the end of July and the rest by the end of the year.