20 Jan 2019
Malaysia’s finance minister said on Friday the government would be ready to discuss dropping criminal charges against Goldman Sachs (GS.N) linked to the 1MDB scandal if the bank pays $7.5 billion in reparations.
Goldman Sachs is being investigated by Malaysian authorities and the U.S. Department of Justice for its role as underwriter and arranger of three bond sales that raised $6.5 billion for 1Malaysia Development Berhad. The bank has denied wrongdoing.
U.S prosecutors last year charged two former Goldman bankers with the theft of billions of dollars from 1MDB.
Finance Minister Lim Guan Eng said Malaysia was seeking $7.5 billion in reparations from Goldman Sachs over its 1MDB deals, which included fees paid to the bank and bond coupons that were “higher than the market rate”.
– By Joseph Sipalan, Reuters, 18 January 2019.
Link to Reuters.
Advance your CPD minutes for reading this article, by signing up and using the CPD WalletFREE CPD Wallet