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Anwar warns of legal action against Goldman if 1MDB settlement not honoured | Scoop
During a television interview with Bloomberg, Prime Minister Datuk Seri Anwar Ibrahim has said that Goldman Sachs and the Malaysian government are in the process of reaching an amicable solution over the settlement made between the parties over the investment bank’s involvement in the 1MDB scandal. – Facebook pic, September 23, 2023
News

Anwar warns of legal action against Goldman if 1MDB settlement not honoured

American investment bank’s integrity in question, says PM

Updated
8:00 AM MYT

 

KUALA LUMPUR – Prime Minister Datuk Seri Anwar Ibrahim has issued a cautionary message to investment bank Goldman Sachs, warning the financial giant that legal action will be taken if it fails to honour its settlement with the Malaysian government over its role in the 1Malaysia Development Bhd (1MDB) financial scandal. 

Noting that both sides are in the process of reaching an amicable solution, Anwar implied that it would be imprudent of Goldman Sachs to assume that Putrajaya will not make good on its threat of a suit against the firm. 

“They (Goldman Sachs) are taking us for granted, they think that we’ll not proceed (with a suit),” Anwar was quoted as saying in an interview with Bloomberg. 

“There’s nothing for us to lose except for the legal fees, which a government can manage. But, it’s also the integrity of Goldman Sachs that’s in question.” 

Anwar, who is also finance minister, added that while the government is currently unsatisfied with Goldman Sachs’ approach to certain matters in the settlement, including the quantum and interpretation of some clauses, the firm has made some “overtures”.

“I made it quite clear that (Goldman Sachs) has not been quite forthcoming, but there have been overtures lately to seek what they call an amicable resolution, which must be fair and just.

“There was some misunderstanding to suggest that they did not collaborate (with the government) at all… from my assessment, looking at the matter objectively, (Goldman Sachs) should and must do more.

“I don’t think it’s fair to suggest that the entire deal should be relooked into, but there are specific areas where there is a flaw. Maybe we (can) just focus on that.” 

In April, it was reported that the government is re-evaluating an RM17.3 billion (US$3.9 billion) settlement deal reached between the previous Perikatan Nasional-led administration and Goldman Sachs relating to the 1MDB scandal.

Anwar had said a government taskforce entrusted to look into issues related to the sovereign wealth fund was scrutinising the 2020 deal with Goldman Sachs as the settlement was “done hastily”. 

In October, 2020, Goldman Sachs agreed to pay about US$2.9 billion (RM12 billion), and its Malaysian subsidiary pleaded guilty to a corruption charge involving alleged lootings of billions of dollars from 1MDB and bribery handouts to secure business contracts.

The settlement called for Goldman Sachs to make a one-time interim payment of US$250 million if Malaysia does not receive at least US$500 million in assets and proceeds by August 2022.

It was previously reported that Goldman Sachs had helped raise US$6.5 billion for 1MDB, with more than US$4.5 billion stolen from the sovereign wealth fund by high-level officials at the fund and their associates between 2009 and 2015. – September 23, 2023

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