The US investment bank accuses the government of violating its obligations in settlement agreement.
LONDON: Goldman Sachs Group Inc took the unusual step of suing Malaysia in a UK court amid festering disagreement over a settlement tied to its role in the 1MDB scandal.
Executives at the Wall Street firm had grown increasingly frustrated with the country’s demands to redo its existing 2020 pact in favour of more onerous penalties, and the lack of information tied to the looted assets the nation has been recovering. 1MDB became the centre of a multi-billion dollar scandal that spawned probes across continents. Months after striking the initial agreement in 2020, Goldman admitted to its role in the biggest foreign bribery case in US enforcement history, reaching multiple international settlements exceeding US$5 billion for its part in raising funds for 1MDB.
The bank also was required to make an interim payment of US$250 million if Malaysia did not receive at least US$500 million of assets and proceeds by August 2022, according to Goldman.
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