04 Nov 2019
Malaysia has rejected an offer from Goldman Sachs of less than US$2bn in compensation over the 1MDB scandal, in contrast to the country’s publicly stated demand of US$7.5bn.
Malaysia has charged Goldman and 17 current and former directors of its units for allegedly misleading investors over bond sales totalling US$6.5bn that the US bank helped raise for the sovereign wealth fund 1Malaysia Development Bhd (1MDB).
“Goldman Sachs has offered something like less than $2bn,” the Malaysian prime minister, Mahathir Mohamad, told the Financial Times on Friday. “We are not satisfied with that amount so we are still talking to them … If they respond reasonably we might not insist on getting that $7.5bn.”
Goldman declined to comment to the newspaper. The bank did not immediately respond to a Reuters request for comment. Goldman said last month it was in discussions with authorities on the possibility of a resolution of investigations relating to 1MDB.
Read more by Agence France-Presse via The Guardian
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet