1MDB succesfully mediates in dispute

Issued on 21 April 2012

Media statement by 1MDB as mediator in the dispute over Restaurant Imbi Palace and on behalf of all parties involved.

1MDB (1Malaysia Development Berhad) has successfully mediated in the dispute over Restaurant Imbi Palace which currently sits on its land.

A win-win solution was reached between the lessee and four sub-lessees after three days of talks which concluded today.

All parties expressed regret for injuring the reputation of 1MDB as a result of the 14 April incident because 1MDB was not involved in any way in the partial demolition of the restaurant.

The incident was due to a dispute between lessee and sub-lessees on vacating the premises.

1MDB has never contracted or authorised any party to demolish Restaurant Imbi Palace. 1MDB has lodged a police report on the incident. 1MDB will not hesitate to take legal actions against parties making unfounded allegations on the matter.

1MDB wishes to thank everyone for the concern shown and views expressed over the incident.

The views expressed strengthen 1MDB's firm belief that its "win-win formula" and fair play are the way forward in its relocation exercise. It has to date successfully achieved 90% of relocation of occupants from the Kuala Lumpur International Financial District site on an amicable basis.

As always, 1MDB will continue to assist those affected by the transition.