Connect with us

Economy

Malaysia in $3.9 Billion Settlement With Goldman over 1MDB Corruption Scandal

Published

on

Malaysia announced Friday that it had reached a settlement with Wall Street titan Goldman Sachs for $3.9 billion over the bank’s role in the 1MDB corruption scandal.

Billions of dollars were looted from sovereign wealth 1Malaysia Development Berhad in a fraud that allegedly involved former leader Najib Razak and his cronies.

Goldman’s role came under scrutiny over bond issues totalling $6.5 billion it helped arranged for the fund, with Malaysia claiming large amounts were misappropriated during the process.

But in a statement, Malaysia’s finance ministry said that a settlement had been reached with Goldman after long-running talks.

It included a cash payment of $2.5 billion and a guarantee that at least $1.4 billion in assets acquired with misappropriated funds would be recovered, it said.

“This settlement represents assets that rightfully belong to the Malaysian people,” Finance Minister Tengku Zafrul Abdul Aziz said.

“We are confident that we are securing more money from Goldman Sachs compared to previous attempts, which were far below expectations.” The settlement comes just days before the verdict in Najib’s first trial linked to the scandal

Advertisement
Advertisement

Facebook

FEATURED

AUSTRALIA AUSTRALIA
Featured6 mins ago

CAUGHT LIVE: Australian Soldier ‘Caught On Camera’ Shooting Unarmed Afghan Prisoner

In a shocking revelation, a US Marine has told Australia’s National Broadcaster, ABC, that the Australian Special Forces killed an...

F-22-RAPTOR F-22-RAPTOR
Americas9 hours ago

DE-CODED: Why US’ 6th-Gen Fighter Jets Could Be Nothing But Modified F-22 Raptors & F-35 Jets?

Lockheed Martin’s fifth-generation F-35 stealth fighter jets have cemented United States’ reputation as an absolute powerhouse when it comes to...

US-ARMY-TANK US-ARMY-TANK
Americas11 hours ago

Awed With Chinese & Turkish Drones, US Pours In Billions Of Dollars To Develop ‘Drone Killers’: WATCH

Drones or unmanned vehicles are becoming a major threat as more and more countries are developing and relying on it....

TIBET-CARD TIBET-CARD
Featured11 hours ago

WATCH: Tibetan Soldiers Singing Indian Patriotic Song In Ladakh; Vow To Take Revenge From China

In a display of unity and solidarity, the Tibetan soldiers belonging to the Special Frontier Force (SFF) sang a patriotic...

F-35-INDIA F-35-INDIA
Americas16 hours ago

Japanese F35s, US Navy Display Their ‘Muscle Power’ Amid Chinese Belligerence In The Indo-Pacific

The US and Japan are continuing the efforts to thwart Chinese influence in the Indo- Pacific region with joint military...

HAL-TEJAS HAL-TEJAS
Expert Reviews17 hours ago

Not LCA Tejas, This Was India’s 1st Indigenous Fighter Jet That Terrorized Pak Air Force Without Even A Single Loss

Aatmanirbhar Bharat or self-reliant India is the new slogan introduced by the current BJP government, but the importance of building...

India-UAE India-UAE
Featured20 hours ago

Why Satellite Hacking Has Become The ‘Biggest Global Threat’ For Countries Like US, China, Russia & India?

The US Air Force in April this year organised a hackathon to test the vulnerabilities of its military satellites in...

CPEC-Project CPEC-Project
Featured21 hours ago

Bloody Days Ahead As India, Pakistan Join Two Opposite Military-Blocks Of The Middle-East

OPED By Haider Abbas. Edited By Younis Dar

SAAB-GRIPEN SAAB-GRIPEN
Featured23 hours ago

Indian Air Force Bound To Reject Gripen Fighter Jets After SAAB’ Secretive Military Deal With Pakistan?

Having been ruled out of the race for Indian Air Force’s (IAF) procurement of modern fighters for their depleted squadrons...

Trump-Putin-Meeting Trump-Putin-Meeting
Americas24 hours ago

Like Iran, US Looks To ‘Take-Out’ Its 2nd Biggest Global Adversary But Russia Determined To Thwart Plans

With rising tensions in Latin America, the US and Russia are yet again using their influence in the region. In...

Advertisement