PM Anwar Ibrahim to review the Goldman Sachs settlement deal. On Monday, Bernama reported that the Malaysian government is reviewing a $3.9 billion settlement accord between the previous administration and Goldman Sachs (GS.N) over the 1MDB financial crisis.
On Monday, Prime Minister Anwar Ibrahim said a government taskforce investigating 1MDB was reviewing the 2020 Goldman deal to recover public cash, Bernama reported.
“I agree (with a review) because from the start, I felt the settlement agreement was done hastily which led to many questions being raised,” Anwar told Bernama.
In 2020, under Muhyiddin Yassin’s administration, Goldman Sachs settled a criminal probe into the bank’s suspected role in the multi-billion-dollar fraud by paying $2.5 billion in cash and guaranteeing the return of $1.4 billion in assets to Malaysia.
Goldman did not immediately comment.
Malaysian and U.S. authorities estimate that 1MDB lost $4.5 billion between 2009 and 2014 in a global scam involving high-ranking government and financial executives.
According to the U.S. Justice Department, Goldman earned $600 million from helping 1MDB fund $6.5 billion in two bond issues.
Anwar has reviewed past 1MDB decisions since taking office last November to recover embezzled funds.
Abu Dhabi’s International Petroleum Investment Co and Aabar Investments PJS paid Malaysia $1.8 billion to settle a separate 1MDB court dispute in February.
Six countries are investigating 1MDB for corruption and money laundering.
A U.S. court sentenced former Goldman banker Roger Ng to 10 years in prison last month for helping pilfer billions from 1MDB.
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