Malaysia asks US for share of Goldman 1MDB settlement

Updated 2 years ago · Published on 8 May 2024 10:09AM · 2 Comments

Johari Ghani, who is the 1MDB asset recovery task force chairman, says that Malaysia is entitled to receive some compensation from the sum paid by Goldman Sachs to the US authorities. – The Malaysian Insight file pic, May 8, 2024.

MALAYSIA has asked the US government to hand over part of the US$2.9 billion in fines and penalties paid by Goldman Sachs over its role in the 1MDB saga, reports Free Malaysia Today.

The news portal quoted Johari Ghani, who is the 1MDB asset recovery task force chairman, as saying that Malaysia was entitled to receive some compensation from the sum paid by the New York-based investment bank to the US authorities.

“We appreciate the US government’s efforts in the recovery and repatriation of 1MDB funds, but they are far less than the US$4.5 billion that was stolen from Malaysians.

“We are at the short end of the stick compared to Goldman Sachs,” Johari, who is also the plantation and commodities minister, was quoted saying.

He added that Malaysia was saddled with 1MDB debts while the international bank was free to conduct business as usual now.

“It will take years, if not decades, for Malaysia to finally pay off 1MDB debts, which will require the use of taxpayers’ money,” he said.

Goldman Sachs had arranged the sale of 1MDB bonds worth US$6.5 billion and allowed US$4.5 billion to be siphoned away, while earning fees of US$600 million.

Johari said the settlement sum agreed upon between Goldman Sachs and Muhyiddin Yassin’s administration four years ago was insufficient to cover the losses brought upon by “fraudulent activities made possible with assistance by Goldman Sachs”.

“The US$2.9 billion penalties paid by Goldman Sachs to the US government is more than the US$2.5 billion cash settlement paid to the government of Malaysia, excluding the guarantee of the return of US$1.4 billion assets linked to 1MDB bonds which is still in dispute,” said Johari.

He said Malaysia would continue to pursue the outstanding US$1.4 billion due from the bank under the settlement agreement.

On Monday, Reuters reported that the criminal case brought by the US government against Goldman Sachs had been formally brought to a close after the bank made full payment of the US$2.9 billion penalty. – May 8, 2024.

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  • Well, to me this sounds like begging as Malaysia didn't move it's fingers on 1MDB but when others did, we beg to share the loot. Bolehland should've been proactive in leading this prosecution and not the other way around. Our list is a gain to others who initiated the prosecution when our AG called for No Further Action ....Jo, we lost it and stop begging.....

    Posted 2 years ago by Crishan Veera · Reply

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