Annice Lyn/Getty Images News
Goldman Sachs (New York Stock Exchange:GS) is suing the Malaysian government in a UK court, Bloomberg reported on Wednesday, seeking to resolve disputes over a settlement they had reached in 2020 linked to the investment bank’s role in the 1MDB scandal.
A spokesperson for Goldman (GS) reportedly said the Wall Street firm filed for arbitration against Malaysia for “violating its obligations to properly credit assets against the collateral provided by Goldman Sachs in our settlement agreement and recover other assets,” according to an emailed statement.
Regarding the 2020 deal with Malaysia, Goldman (GS), which had admitted its role in raising money for the 1MDB investment fund, agreed to pay $2.5 billion up front and guaranteed a return of at least $1.4 billion in assets associated with 1MDB bonds. . The fund was then looted in a massive bribery case.
The bank was also required to make interim payments of $250 million if the country did not receive at least $500 million in assets and income by August 2022. The two sides have been at odds over whether the government, in fact, recovered at least 500 dollars. M from that date.
Goldman’s (GS) complaint was filed with the International Court of Arbitration in London, Bloomberg reported, citing a person familiar with the matter.
