1MDB: Goldman Sachs' US$3.9bil settlement shows govt's efforts in returning assets of Malaysians, says PM

  • Nation
  • Friday, 24 Jul 2020

PETALING JAYA: Prime Minister Tan Sri Muhyiddin Yassin welcomed Goldman Sachs' settlement of US$3.9bil (RM16.63bil) over the 1Malaysia Development Berhad (1MDB) scandal.

Muhyiddin said with the settlement, 1MDB funds including funds returned by the US Department of Justice before this, totalled US$4.5bil (RM19bil).

"The government is committed in its efforts to recover other assets involving 1MDB by continuing to claim from individuals and relevant parties involved in the 1MDB scandal," he said in a statement on Friday (July 24).

He also thanked the Finance Ministry, Attorney General's Chambers, Securities Commission, Malaysian Anti-Corruption Commission (MACC), National Anti-Financial Crime Centre and the team of negotiators in their efforts to reach the settlement.

"This is a success in our efforts to return the rights and assets of the people of Malaysia," he said.

Earlier, the Finance Ministry said Goldman Sachs had agreed to a total settlement of US$3.9bil (RM16.63bil) to resolve outstanding charges and claims related to the three bond transactions that the investment bank had structured and arranged for 1MDB.

The settlement included a cash payment of US$2.5bil (RM10.66bil) and a guarantee for a full recovery value of at least US$1.4bil (RM5.97bil) in assets that were traceable to the diverted proceeds from the three bond transactions.

Previously, the government had charged Goldman Sachs and 17 current and former directors of its units with allegedly misleading investors over bond sales totalling US$6.5bil (RM27.74bil) that the company helped raise for sovereign wealth fund 1MDB.

According to the US Department of Justice, Goldman Sachs earned US$600mil (RM2.56bil) in fees for its work with 1MDB.

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1MDB , Muhyiddin , Goldman Sachs


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