Malaysia: Goldman Sachs must pay, apology not enough

Malaysia’s Finance Minister Lim Guan Eng said that Goldman Sachs must pay $7.5 billion as compensation for its role in the alleged multibillion-dollar ransacking of state investment fund 1MDB. (AFP)
Updated 18 January 2019

Malaysia: Goldman Sachs must pay, apology not enough

  • Goldman CEO David Solomon apologized Wednesday to the Malaysian people for its former banker Tim Leissner’s role in arranging bond sales for 1MDB

PUTRAYAJAYA, Malaysia: Malaysia’s Finance Minister Lim Guan Eng said Friday that an apology by Goldman Sachs for its role in the alleged multibillion-dollar ransacking of state investment fund 1MDB was insufficient and that it must pay $7.5 billion as compensation.
Goldman CEO David Solomon apologized Wednesday to the Malaysian people for its former banker Tim Leissner’s role in arranging bond sales for 1MDB. Those sales provided a means for associates of former Malaysian Prime Minister Najib Razak to allegedly steal billions over several years from the fund.
Solomon has said the investment bank conducted due diligence but was misled by Leissner and former Malaysian government officials.


UAE to impose 50% tax on soft drinks in health drive

Updated 21 August 2019

UAE to impose 50% tax on soft drinks in health drive

  • The 50% tax on soft drinks and 100% on vaping products start Jan. 1, 2020
  • The government says the taxes are necessary to help persuade people to make healthier choices

DUBAI: The UAE government has announced new taxes of up to 100 percent aimed at vaping and soft drinks, in a bid to reduce the consumption of unhealthy products.

Starting Jan. 1, 2020, the new list of taxable products will include sugary and sweetened soft drinks, as well as powders that can be used to make drinks, and electronic smoking devices.

A statement on state-run news agency WAM said the step is aimed at reducing “consumption of unhealthy goods and modifying consumers’ behavior.”

The Cabinet decision, will add a 50 percent tax on soft drinks with added sugar, in form of a liquid, concentrate, powders, extracts or any product that may be converted into a drink.

Vaping devices and the associated products will be taxed at 100%. (File/Shutterstock)

“The decision also requires manufacturers to clearly identify the sugar content in order for consumers to make sensible healthy choices,” the statement read.

The cabinet also announced the introduction of a 100 percent tax on electronic smoking devices - irrespective of whether they contain nicotine or tobacco - and the liquids used in the devices.

The UAE government first introduced a tax on specific goods deemed harmful to human health in 2017.