Abu Dhabi’s sovereign fund International Petroleum Investment Company (IPIC) said that troubled state fund 1Malaysia Development Berhad (1MDB) was in default on USD1.1 billion debt and interest. IPIC said in a filing to the London stock exchange, where it is listed, that it was now considering all its options to remedy the default. That included referring the matter to the appropriate dispute resolution forum. The Abu Dhabi fund said it was terminating last June's agreement, under which it agreed to provide USD1 billion in cash as well as assume payments on USD3.5 billion of 1MDB debt. It also forgave an undisclosed amount of debt that 1MDB owed to IPIC, in exchange for assets that have not been named. (Reuters)