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 Business

Goldman Sachs' offer is "peanuts – PM

25th June, 2019

KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamed has described the RM1 billion offered by Goldman Sachs as compensation for the role it played in 1Malaysia Development Bhd (1MDB) scandal as “peanuts” and “not adequate”.

Speaking at the CNBC’s interview with Tanvir Gill on Monday, he said the Finance Ministry will decide on the appropriate amount of compensation to demand from the investment bank.

It was reported that Goldman Sachs pocketed US$600 million (US$1 = RM4.14) in fees for arranging the bonds related to 1MDB.

The government of Malaysia has filed criminal charges against three subsidiaries of Goldman Sachs Inc over their handling of bonds totalling US$6.5 billion issued by 1MDB.

This was the first time a country has filed criminal charges against the US investment banking giant. –Bernama

   
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