Last updated on May 6th, 2021 at 09:00 am
KUALA LUMPUR – Former prime minister Tun Dr Mahathir Mohamad, in his personal blog insisted that the country was entitled to as much as US$9.6 billion from US investment bank Goldman Sachs in relation to the controversial bond issuance for 1MDB.
Mahathir said that the US$2.5 billion (RM10.6 billion) settlement were no where near the amount the country was owed and the government seems pleased with it.
THE GOLDMAN SACHS AFFAIR— Dr Mahathir Mohamad (@chedetofficial) July 28, 2020
1. The Government seems pleased with the settlement with Goldman Sachs.
He said that the total amount that should be due is US$9.6 billion and not the measly US$2.5 billion in cash they agreed to pay.
US$1.4 billion of those in the settlement will be based on the proceeds of the assets currently in the possesion of the U.S Department of Justice (DOJ).
Dr Mahathir’s government filed several criminal charges against Goldman Sachs over the issue. Malaysia file civil action as well in the U.S.
“Goldman Sach paying back US$2.5 billion is way less that what it should pay.” he added.
Earlier last week, the US investment bank and Malaysian government reported agreed on a settlement over the 1MDB scandal. Mahathir urged the government to rescind the agreement and push to get the amount that they really should be paying.
Related Article: https://www.theasianaffairs.com/malaysia/2020/07/25/goldman-sachs-agrees-to-pay-malaysia-us3-9bn-settlement-over-1mdb/