The arbitration process between 1MDB and Abu Dhabi's International Petroleum Investment Company (IPIC) is still ongoing, said treasurer-general Irwan Serigar Abdullah.

Irwan Serigar, who is also the chair of the 1MDB board, said this in response to reports that the two companies had reached a settlement.

"It is still ongoing... We are still waiting. Let us see what happens," he told reporters in Kuala Lumpur today.

When pressed for comments on a report by UK's Financial Times, which claimed that Malaysia was seeking help from China to pay US$6.5 billion to IPIC as part of the settlement, Irwan Serigar replied in the negative.

"No. No. Nothing. No result. Nothing has been mentioned yet," he said.

Earlier today, reporters approached Irwan Serigar at a separate event in Kuala Lumpur, where he also denied the claims made by the Financial Times report.

"As chairperson of 1MDB, there is no such thing... Talking to the Chinese or anything. That is very clear.

"I am the chairperson of 1MDB. I know (what goes on). So there is nothing," he said.

Quoting sources, the Financial Times report claimed that Malaysia was seeking US$6.5 billion to settle the dispute with IPIC.

One source told the influential newspaper that the financing deal would involve asset swap.

Second Finance Minister Johari Abdul Ghani said he was unaware of such allegations while 1MDB president and executive director Arul Kanda Kandasamy refused to confirm or deny the veracity of the report when contacted yesterday.