KUALA LUMPUR, Oct 15 — The government and 1Malaysia Development Bhd (1MDB) have reached settlements with three financial institutions — Goldman Sachs (RM16.48 billion), AmBank Group (RM2.83 billion), and JP Morgan (Switzerland) Ltd (RM1.4 billion) — to date.
The Finance Ministry (MOF), through a written reply at the Dewan Rakyat, said all cash proceeds from these three financial institutions were received in full and deposited into the Assets Recovery Trust Account it manages.
“On October 11, 2023, Goldman Sachs Group Inc filed an arbitration claim at the London Court of International Arbitration against the Government of Malaysia, arising from a dispute regarding the obligations of the parties under the settlement agreement signed on August 18, 2020, by the government of Malaysia, 1MDB, and Goldman Sachs Group Inc (arbitration proceedings).
“Currently, the Government of Malaysia’s legal team — comprising, among others, the Attorney-General’s Chambers and appointed English lawyers (King’s Counsel) — is handling arbitration proceedings.
“As the parties involved in the arbitration proceedings are bound by strict confidentiality obligations, no detailed information regarding the arbitration can be disclosed at this time,” said the ministry.
The MOF was responding to a question from Yeo Bee Yin (Harapan-Puchong) about asset recovery in the 1MDB scandal.
