Op risk data: Stanford fraud haunts banks for billions
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The largest loss in February was a $1.8 billion settlement made by International Petroleum Investment Company and its Aabar Investments PJS unit, in favour of the embattled 1Malaysia Development Berhad sovereign wealth fund.
The deal turns the tables on a 2017 settlement, which determined that 1MDB owed IPIC $1.2 billion for bonds jointly guaranteed by the two funds – in a payment dispute that led to the eventual discovery of fraud against 1MDB. But the earlier settlement agreement was struck
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