The Malaysian government and 1Malaysia Development Berhad (1MDB) have successfully reached settlements with three financial institutions, including Goldman Sachs for US$3.9 billion (RM16.48 billion), AmBank Group for RM2.83 billion, and JP Morgan (Switzerland) Ltd for RM1.4 billion.
The Ministry of Finance (MOF) informed in a written reply to the Dewan Rakyat yesterday that all cash settlement proceeds from these institutions have been fully received and deposited into the Asset Recovery Trust Account managed by the MOF.
“On 11 October 2023, Goldman Sachs Group Inc. filed an arbitration application at the London Court of International Arbitration (LCIA) against the Malaysian government, arising from disputes related to obligations under the Settlement Agreement signed on 18 August 2020 by the Malaysian government, 1MDB, and Goldman Sachs Group Inc. (Arbitration Proceedings).
“At present, the Malaysian Government Legal Team, including the Attorney General’s Chambers and appointed English lawyers, is handling the arbitration proceedings,” the ministry added.
The MOF also noted that “due to the parties involved in these Arbitration Proceedings being bound by strict confidentiality obligations, no detailed information regarding the proceedings can be disclosed at this time.”
The statement was made in response to a question from Yeo Bee Yin (PH-Puchong) regarding the status of asset recovery in the 1MDB scandal.
