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

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