News

Malaysia demands ‘full refund’ from Goldman Sachs

FeesMalaysia has said that it would seek a “full refund” from Goldman Sachs for all the fees it paid to the US investment bank for 1MDB deals. According to the US Department of Justice, $4.5 billion (€3.9 billion) was stolen from the development fund. Goldman Sachs is under the spotlight for its role in helping raise money for the fund, but it has not admitted to any wrongdoing and said it continues to co-operate with investigations into the matter earlier this month. Criminal charges were filed against two ex-bankers at the firm earlier this month. Prime Minister Mahathir Mohamad said: "There is evidence that Goldman Sachs has done things that are wrong.” Goldman shares experienced their biggest drop since 2011 when Malaysian Finance Minister Lim Guan Eng demanded a “full refund” of $600 million in fees. Its shares dropped 7.5% on Monday 12 November, 2018. "The Malaysian government will want to reclaim all the fees paid, as well as all the losses including the interest rate differential,” said Lim. ©2018 funds global asia

Executive Interviews

INTERVIEW: Operational challenges

Jun 09, 2018

Caroline Higgins of Northern Trust tells George Mitton about A-share inclusion, ETF Connect and why Cayman funds predominate in the region.

INTERVIEW: Making a name

Apr 18, 2018

Formed by a merger in 2012, Old Mutual Global Investors was little-known in Asia. Carol Wong, managing director for Asia-Pacific, is changing that. She talks to George Mitton.

Roundtables

SINGAPORE ROUNDTABLE: Optimism versus caution

Oct 23, 2018

The impact of financial technology, developments in Asian passporting and the promise of new markets in Thailand were among the topics discussed by our panel. Chaired by George Mitton in Singapore.

HONG KONG ROUNDTABLE: a long-term project

Jun 09, 2018

Our panel discussed robo-advisers, ETF Connect, and why the mutual recognition of funds (MRF) scheme will take time to develop. Chaired by George Mitton in Hong Kong.