KUALA LUMPUR: The 1Malaysia Development Berhad (1MDB) settlement agreement between Putrajaya and Goldman Sachs is in jeopardy due to differences over the asset recovery process, with a senior Malaysian official saying that the firm should not “take advantage” of the prev
On Apr 17, Prime Minister Anwar Ibrahim indicated that. He has set up a new 1MDB asset recovery taskforce headed by former deputy finance minister Johari Abdul Ghani and publicly acknowledged that the settlement agreement “was done hastily”.
The sources said that Mr Anwar has also expressed his frustration in private meetings over the terms the previous Muhyiddin government conceded to Goldman Sachs. One example is the staggered recovery terms of the remaining US$1.4 billion in the settlement agreement, which one government lawyer critical of the settlement arrangement claimed “appeared to have been inserted to achieve a bigger headline figure.
“Goldman should not take advantage of the lack of experience on Malaysia’s part in arriving at this settlement," he added. Under the agreement reached in late July 2020, Goldman Sachs must make a one-time payment of US$250 million if Kuala Lumpur fails to receive at least US$500 million in assets and proceeds by end-August 2022.
This executive added that the “numbers that we are seeing as the information does not seem to add up.” “All we want is clarity."They noted that Goldman Sachs’ legal representatives have been dragging the settlement talks by disputing the valuations of certain assets. Malaysian government officials also noted that Goldman Sachs has failed to honour provisions in the settlement agreement that require the US banking giant to engage an international asset recovery concern to assist Kuala Lumpur in identifying and staking claim to items, ranging from properties, luxury artwork and jewellery that were purchased with 1MDB-related funds.
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