Last July investigators at America's Justice Department said they thought that this ruse had allowed conspirators to liberate more than $1.3bn from 1MDB's coffers (opposition politicians in Malaysia maintain that the sum lost is in fact far greater).
America alleges that former officials from both IPIC and 1MDB benefited from the swindle.
They also claim that more than $200m of the missing money went to an account controlled by Riza Aziz—the stepson of Najib Razak, Malaysia's prime minister—and that $30m went to Mr Najib himself. (Both deny wrongdoing.)
他们还声称，消失不见的2亿多美元转到了一个由马来西亚总理Najib Razak的继子Riza Aziz控制的账户里，并且有3000万美元到了Najib先生自己账户里。(他们都否认了欺骗行径。)
That 1MDB and IPIC are beginning to bury the hatchet is probably a relief for bigwigs implicated in the affair, even if many humbler Malaysians are wondering how the billion-or-so dollars immediately due to IPIC will be found.
Although investigations are continuing in America, Switzerland and Singapore, the authorities in Malaysia itself have charged no one in connection with any of 1MDB's dubious dealings.
Mr Najib fired an attorney-general looking into the scandal; the successor Mr Najib appointed concluded that $681m paid to Mr Najib in 2013 was a donation from foreign royalty, not in any way related to 1MDB.
Many voters in rural seats either do not understand the affair or do not care about it.
It is rumoured that the prime minister will call a general election later this year, in the hope of benefiting from the opposition's interminable squabbling.
As things stand, he will probably clean up.