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Goldman Sachs and Malaysia seek fresh settlement for 1MDB scandal

Goldman Sachs continues its struggle to put the 1MDB scandal behind it as negotiations with Malaysia for a new settlement unfold. Malaysian Prime Minister Anwar Ibrahim emphasizes reasonableness in addressing key concerns.

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Goldman Sachs Group is struggling to distance itself from its involvement in the 1MDB investment fund scandal, despite agreeing to a more than US$5 billion settlement three years ago.

Now, the Wall Street giant and Malaysia are attempting to address this enduring embarrassment.

Behind the scenes, Goldman Sachs executives have initiated fresh negotiations, reportedly disclosed by Malaysian Prime Minister Anwar Ibrahim during his visit to New York for the United Nations General Assembly.

This follows Anwar’s earlier mention of considering legal action against Goldman Sachs due to disagreements stemming from the previous settlement.

Anwar expressed openness to a potential settlement, emphasising reasonableness and flexibility in discussions. While he does not advocate a complete reevaluation of the deal, he highlights specific areas of concern that may warrant attention. Goldman Sachs declined to comment on the matter.

The 1MDB investment fund scandal, involving billions of dollars, triggered investigations worldwide.

In 2020, after reaching the initial agreement and an unusual celebratory photo-op, Goldman Sachs admitted to its role in the largest foreign bribery case in US enforcement history. This admission led to multiple international settlements exceeding US$5 billion.

Malaysia is actively pursuing the return of former Goldman banker Roger Ng, sentenced in the US to ten years in prison for his involvement in the scandal. Anwar believes Ng’s knowledge could significantly aid ongoing investigations.

The 2020 settlement obligated Goldman Sachs to pay US$2.5 billion and ensure the return of US$1.4 billion in seized 1MDB assets, with interim payments of US$250 million if certain conditions were not met. Disagreements over these terms have persisted.

While both parties aim for an amicable resolution, Anwar cautions Goldman Sachs against underestimating the threat of legal action. He emphasises the importance of upholding Goldman Sachs’ integrity.

The Malaysian government’s dissatisfaction centres on two key issues: the settlement’s quantum and interpretation of specific clauses, according to Anwar.

Anwar suggests his personal involvement, if necessary, but does not see the need for it.

“We have a competent team to look at it” but if needed, I can “meet them for just a casual tea or cheesecake.”

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ALL CORRUPT EVIL-DOERS ARE BEING WATCHED & RECORDED CLOSELY BY WHITE HATES.
ONE PHONE TO RULE DAMN ALL.
Qphone!

https://t.me/NICK_FLEMlNG_RV_GCR_UPDATE_T0DAY/58131

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