NEW YORK: Three years after Goldman Sachs Group Inc agreed to fork over more than US$5bil for its role in the plundering of Malaysia’s 1MDB investment fund, the Wall Street giant has struggled to put the scandal to bed.
Now, the New York-based bank and Malaysia are taking a fresh stab at resolving one of the most embarrassing episodes in the bank’s history.
“A settlement is possible because we are not unreasonable. We ask what is reasonable and I even refused to state the quantum because then, we should allow for some flexibility to discuss,” Anwar said. Months after striking the initial agreement in 2020 – and staging an unusual and amusing photo-op with Malaysian government officials to celebrate it – Goldman admitted to its role in the biggest foreign bribery case in US enforcement history, reaching multiple international settlements exceeding US$5bil for its part in raising funds for 1MDB.
As part of the 2020 settlement, Goldman made an initial US$2.5bil payment while guaranteeing the return of US$1.4bil of 1MDB assets seized by authorities around the world, in exchange for Malaysia dropping charges against the bank.
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