US$3.9B Settlement with Goldman Too Little

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Goldman Sachs’ offer of US$3.9 billion (RM16.6 billion) to settle the 1MDB scandal with Malaysia is too little, said Dr Mahathir Mohamad.

The former prime minister said the settlement is inappropriate as the country had lost US$6.5 billion in the affair.

“The settlement amount is too small. We wanted during Pakatan Harapan’s time to take Goldman Sachs to court but they offered to settle (out of court).

“But the government (Perikatan Nasional) has decided to settle and not to take it to court,” he said in a press conference in Langkawi today.

Yesterday Malaysia reached a US$3.9 billion settlement with the investment bank over the latter’s role in the defrauding of 1MDB, in exchange for the government ending all criminal proceedings against the Wall Street titan.

The billions plundered from the state investor bankrolled a global spending spree on artworks, real estate and a luxury yacht, among others.

Goldman Sachs came under scrutiny over its role in arranging for 1MDB to sell US$6.5 billion in bonds. The Malaysian government said large amounts of money were misappropriated in the process. – TMI