The Finance Ministry cannot reveal details of the arbitration process between 1MDB and Abu Dhabi's International Petroleum Investment Company (IPIC) because it is bound by confidentiality guidelines.

The ministry said this in a written reply to Parliament on a question from Pokok Sena MP Mahfuz Omar of PAS, who had asked for an update on the arbitration process.

"The arbitration case between IPIC and 1MDB is still ongoing at the London Court of International Arbitration (LCIA).

"Both sides must respect the confidentiality and publicity guidelines set out by LCIA and therefore the latest status of the case cannot be revealed," the Finance Ministry said.

IPIC is seeking US$6.5 billion in payment and compensation from 1MDB, including funds 1MDB paid to a bogus subsidiary of IPIC.

On Monday, Finance Minister II Johari Abdul Ghani said 1MDB had submitted all the necessary documents for the arbitration process.

He added that the next step was to await the outcome of the arbitration.

1MDB and IPIC had previously attempted to resolve the issue through direction negotiations, but the talks fell apart.