Thu, 30 Jun 2022 Today's Paper

Malaysia open to talks if Goldman pays US$ 7.5 bn, says minister

19 January 2019 12:10 am - 0     - {{hitsCtrl.values.hits}}

A A A

(Kuala Lumpur) REUTERS: Malaysia’s finance minister said yesterday the government would be ready to discuss dropping criminal charges against Goldman Sachs linked to the 1MDB scandal if the bank pays US$7.5 billion in reparations.


Goldman Sachs is being investigated by Malaysian authorities and the U.S. Department of Justice for its role as underwriter and arranger of three bond sales that raised US$6.5 billion for 1Malaysia Development Berhad. The bank has denied wrongdoing.


U.S prosecutors last year charged two former Goldman bankers with the theft of billions of dollars from 1MDB.


Finance Minister Lim Guan Eng said Malaysia was seeking US$7.5 billion in reparations from Goldman Sachs over its 1MDB deals, which included fees paid to the bank and bond coupons that were “higher than the market rate”.


Asked by a reporter on Friday if Malaysia would drop the charges against the bank if it paid the reparations, Lim said: “Pay the US$7.5 billion, then we can discuss.”


Malaysia reopened domestic investigations into 1MDB last year, after a historic election that saw the country’s first change of government in more than 60 years.

The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009, and the U.S. Justice Department estimated US$4.5 billion was misappropriated by high-level fund officials and their associates between 2009 and 2014. Najib has denied wrongdoing.


On Wednesday, Goldman Sachs chief executive David Solomon apologised to the Malaysian people for the role played by Tim Leissner in the 1MDB scandal, but said the bank had conducted due diligence before every transaction.


Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty in the United States to conspiring to launder money and violate the Foreign Corrupt Practices Act.


Lim said the apology was “necessary but not sufficient” and that the whole scandal had caused “agony and trauma suffered by the Malaysian people”.


“If not for the change of government, do you think Goldman Sachs would have apologised? We are talking about the largest investment bank in the world... it’s not easy to get an apology from them,” Lim said.


“An apology is not enough. An apology with $7.5 billion, that is what matters.”

 

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Free-fall of the nation Where is the alternative to ruinous Gotabaya regime?

There is a great deal of ruin in a nation, Adam Smith once said - meaning tha

Gotabaya, Ranil and the Frog and Scorpion Fable

Let me rewind back to my boyhood when I first read the fable about the scorpi

Four-day work week: Can Govt. reap what it sows?

This week, Sri Lanka joined a growing list of countries experimenting with th

Sri Lanka’s Al Capone Syndrome threatens human security

Be it Al Capone, Pablo Escobar, El Chapo or any other crime boss, violence in