Malaysia: Goldman Sachs must pay, apology not enough

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

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.