The Malaysian government has questioned a move by Goldman Sachs to file for arbitration in a dispute connected with the multibillion-dollar looting of a sovereign wealth fund.
FILE - In this Wednesday, July 8, 2015 photo, a 1MDB logo is set against the Petronas Twin Towers at the flagship development site, Tun Razak Exchange in Kuala Lumpur, Malaysia. The Malaysian government questioned Thursday, Oct. 12, 2023, a move by Goldman Sachs to file for arbitration in a dispute over a settlement of a case involving the multibillion-dollar looting of a sovereign wealth fund.
Under a 2020 deal, Goldman Sachs paid Malaysia $2.5 billion to resolve criminal charges over the 1MDB saga. It also guaranteed it would help recover $1.4 billion in 1MDB assets. including $500 million by August 2022. If it failed, it had to cough up $250 million as an interim payment. The two sides are at odds over the interim payment.
“At this juncture ... the parties are still considered to be in the amicable good faith discussions stage and therefore as an aggrieved party, the 1MDB task force views Goldman Sachs’ initiation of arbitration proceedings as premature,” he said in a statement. Investigators say more than $4.5 billion was stolen from 1MDB, a fund set up by then Malaysian leader Najib Razak to fund economic development projects. The funds were laundered and used to buy yachts and real estate and to finance the 2013 film “The Wolf of Wall Street.”
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