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Goldman Sachs agrees to RM16.6 billion 1MDB settlement

July 27, 2020

* US$3.9 billion settlement with Goldman Sachs “too little,” says Dr Mahathir
1MDB: Govt to receive US$2.5b from Goldman Sachs in two months
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Goldman Sachs has agreed to a total settlement of US$3.9 billion (RM16.6 billion). -NSTP File pic

KUALA LUMPUR: Goldman Sachs has agreed to a total settlement of US$3.9 billion (RM16.6 billion) to resolve outstanding charges and claims related to the three bond transactions that the company had structured and arranged for 1Malaysia Development Bhd (1MDB), Finance Minister Tengku Datuk Seri Zafrul Aziz said.

He said with today’s settlement amount and the monies that Malaysia had already received from the US Department of Justice, more than US$4.5 billion will have been returned to the people of Malaysia.

“The government remains committed to recovering other outstanding assets. The settlement includes a cash payment of US$2.5 billion and a guarantee of a full recovery value of at least US$1.4 billion in assets that are traceable to the diverted proceeds from the three bond transactions,” he said in a statement.

Goldman Sachs, at its cost, will also assist the government of Malaysia by appointing an asset recovery specialist to recover other related assets currently lying outside Malaysia.

This settlement represents a significant increase compared to the earlier offer of US$1.75 billion made by Goldman Sachs to the previous administration in 2019. – Bernama


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