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1MDB: negotiators representing govt in Goldman Sachs settlement talks being probed for negligence  | Scoop
1MDB asset recovery task force chairman Datuk Seri Johari Abdul Ghani (pic) has said negotiators and lawyers representing the government in settlement talks with Goldman Sachs have failed to negotiate a fair and clear agreement, which compromises the government’s position in the ongoing dispute. – Johari Abdul Ghani Facebook pic, January 23, 2024
News

1MDB: negotiators representing govt in Goldman Sachs settlement talks being probed for negligence 

Datuk Seri Johari Abdul Ghani says lapses in failing to negotiate fair agreement compromised nation’s position in ongoing dispute

Scoop Reporters
Updated
11:07 AM MYT

 

KUALA LUMPUR – Negotiators and lawyers representing the government in the 1Malaysia Development Bhd (1MDB) settlement talks with US investment bank Goldman Sachs are being investigated for negligence or failing in their fiduciary duty.

1MDB asset recovery task force chairman Datuk Seri Johari Abdul Ghani said lapses in failing to negotiate a fair and clear settlement agreement have compromised the Malaysian government’s position in the ongoing dispute.

He added that the task force is mulling legal action against several of foreign banks that facilitated the fund transactions related to 1MDB without proper Know Your Client (KYC) processes.

This came after a task force meeting yesterday.

Johari also said the government disagreed with the assertion that Goldman Sachs had fulfilled its guarantee on the US$$1.4 billion asset recovery.

The bank previously said its responsibility has been fulfilled following the fines imposed on AmBank (RM2.8 billion) and the settlement with IPIC (US$$1.8 billion).

Goldman Sachs filed for arbitration with the London Court of International Arbitration on October 11, 2023, to offset fines on other institutions in its US$1.4 billion asset recovery guarantee.

The settlement in August 2020 between the Malaysian government and Goldman Sachs required the bank to pay US$$2.5 billion in cash payment and provide a guarantee on the US$$1.4 billion asset recovery.

1MDB reportedly paid advisory fees amounting to US$606 million to Goldman Sachs for advising on the issuance of three bonds totalling US$6.5 billion.

Malaysia has to service the 1MDB debt by paying US$6.5 billion in principal and US$3.2 billion over 10 years. – January 23, 2024

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