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Abu Dhabi's Mubadala halts business with Goldman Sachs amid 1MDB lawsuit

DUBAI/ABU DHABI: Abu Dhabi state investor Mubadala has suspended new business dealings with Goldman Sachs since its subsidiary filed a lawsuit in November against the U.S. bank and others to recover losses suffered through its dealings with Malaysian state fund 1MDB.

"We have suspended any activities with Goldman Sachs pending outcome of the litigation," Brian Lott, spokesman of Mubadala Investment Co, said in response to questions from Reuters.

SC issues show-cause letter to Goldman Sachs

PETALING JAYA: The Securities Commission (SC) has issued a show-cause letter to Goldman Sachs, which is embroiled in multi-jurisdictional investigations into Malaysian state fund 1Malaysia Development Bhd (1MDB).

Securities Commission Malaysia Annual Report 2018 Media Conference From left to right: Mr. Ong Liang Heng, Executive Director, Chairman's Office, Mr. Eugene Wong, Managing Director, Corporate Finance & Investments and Datuk Syed Zaid Albar, SC Chairman. - AFIQUE YUSOFF/The Star

Malaysia sees relief after drought of foreign portfolio flows

KUALA LUMPUR: Foreign investors are slowly coming back to Malaysia after a sell-off last year, attracted by reduced political tensions, the market pricing and hopes for better returns after economic growth picked up in late 2018

In the first two months of 2019, overseas investors bought a net $40 million of Malaysian equities, data from Bursa Malaysia exchange showed. They sold $2.7 billion of Malaysian equities in 2018. (Filepic: People look at trading boards at a private stock market gallery in Kuala Lumpur.)

US seeks to recover $38mil in assets from 1MDB case

WASHINGTON: The U.S. Justice Department on Friday said it had filed complaints seeking forfeiture and recovery of approximately $38 million in assets associated with its 1Malaysia Development Berhard - or 1MDB - case, bringing the assets now subject to forfeiture to a total of about $1.7 billion (1.3 billion pounds).

“These new lawsuits target assets collected by corrupt officials and their associates through a massive scheme that stole billions of dollars from the people of Malaysia and laundered the proceeds across the world,” U.S. Attorney Nick Hanna(pic) said

Jury is out on banks

TWO local banks, namely, Public Bank Bhd (PBB) and AMMB Holdings Bhd have started the ball rolling this quarter, releasing results that look starkly different, at least at first glance.

Menara Public Bank in Jalan Ampang and Menara AmBank in Jalan Yap Kwan Seng.