Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media, citing the occupation army: We tried to "eliminate" Hamas spokesperson Abu Obeida
Al-Mashat: I call on everyone worldwide to avoid dealing with any assets of the entity, and there is still an opportunity for settlers to return to their countries
Al-Mashat: A final warning to all companies in the occupation entity to leave before it’s too late
The Israeli occupation army carries out a deadly airstrike on a populated residential building in the densely populated al-Rimal neighborhood, west of Gaza City, resulting in dozens of fatalities and injuries: Al Mayadeen's correspondent
Al-Mashat: We say to Gaza, we stand firm regarding our stance, no matter the sacrifices
Al-Mashat: We will meet challenge with challenge, and you will no longer have any sense of security
Al-Mashat: We say to the Zionists, our revenge is unyielding, and dark days await you
Al-Mashat: We will take revenge, and we will come out victorious from the depths of our wounds
Al-Mashat: Our people are capable of overcoming all difficulties and challenges, and the enemy will not be able to break our steadfastness, nor will we be intimidated by raids or terrified by threats
President of the Yemeni Supreme Political Council Mahdi al-Mashat: The Government of Change and Building will carry out its duties in a caretaker capacity, and the blood of the martyrs will serve as a motivation for steadfastness and reconstruction

Malaysia may sue Goldman Sachs over 1MDB scandal

  • By Al Mayadeen English
  • Source: Agencies
  • 21 Aug 2023 17:31
3 Min Read

The 1MDN scandal is going back to the limelight as a new leadership takes over in Malaysia, one pursuing accountability for the major incident.

  • x
  • In this May 14, 2015 photo, construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) in Kuala Lumpur, Malaysia (AP)
    In this May 14, 2015 photo, construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) in Kuala Lumpur, Malaysia (AP)

Malaysia is considering pursuing legal action against Goldman Sachs in connection with its involvement in the massive corruption scandal surrounding the state fund 1Malaysia Development Berhad (1MDB), Malaysian Prime Minister Anwar bin Ibrahim revealed in a recent interview with CNBC.

The 1MDB scandal saw billions of dollars misappropriated, which led to the implication of senior officials in Malaysia and other countries.

Goldman Sachs agreed to a $2.5 billion settlement with Malaysia in 2020 while also guaranteeing to return $1.4 billion in assets to Kuala Lumpur in exchange for dropping all criminal charges against the bank.

Much of the money raised was allegedly embezzled. The US Justice Department says that some $2.7 billion of the $6.5 billion the Goldman Sachs Group helped raise for 1MDB were stolen by people connected to former Prime Minister Najib Razak and diverted for bribes, a luxury yacht, fine art, and even funding for the Martin Scorsese film "The Wolf of Wall Street."

A lower court in July 2020 found Najib guilty of abuse of power, money laundering, and criminal breach of trust over the transfer of $10.1m (42 million Malaysian ringgit) from SRC International, a former unit of 1MDB, to his personal bank account.

Related News

AI is already driving up unemployment among young tech workers: Report

US faces 45% risk of recession next year, S&P 500 index 3.4% down

This settlement resulted in the dropping of all criminal charges against the bank. However, Anwar, who assumed office in late 2022, expressed concerns earlier this year about the adequacy of the settlement amount.

"I am not ruling out the possibility of reinitiating legal action," he told CNBC as Malaysia evaluates its options.

Goldman Sachs has consistently denied any wrongdoing in relation to the 1MDB case. The scandal revolves around the embezzlement of around $4.5 billion from 1MDB between 2009 and 2014. The activities involved a complex web of individuals, including high-ranking officials in both government and banking sectors.

Goldman Sachs played a pivotal role in the scandal by assisting 1MDB in raising $6.5 billion through two bond offerings. In return, the bank earned substantial fees amounting to $600 million, the US Justice Department said.

Goldman Sachs agreed in 2020 to make a one-time interim payment of $250 million if the Malaysian government had not received a minimum of $500 million in assets and proceeds by August 2022.

A regulatory filing from the bank earlier in the year indicated disagreements between the two parties regarding whether Malaysia had successfully recovered the stipulated amount by the specified date.

If a resolution couldn't be reached, the dispute would be resolved through arbitration, the bank explained.

  • Goldman Sachs
  • 1MDB
  • Malaysia

Most Read

Fierce resistance ambushes target IOF in Gaza Strip

Fierce resistance ambushes target IOF in al-Zaytoun, Gaza City

  • Politics
  • 30 Aug 2025
Tom Barrack's imperial tantrum in Beirut: When entitlement speaks (Photo by Mahdi Rtail)

Tom Barrack's imperial tantrum in Beirut: When entitlement speaks

  • Politics
  • 26 Aug 2025
Although it does seem likely they will launch some kind of operation in northern Gaza, one which will accelerate its mass murder of civilians, but will fail to achieve its stated objectives. (Al Mayadeen English; Illustrated by Batoul Chamas)

Here is why the Israeli occupation of Gaza won’t work

  • Opinion
  • 26 Aug 2025
A scene showing an al-Qassam Brigades fighter during an ambush on July 7, 2025, in a video released by the al-Qassam Brigades on August 26, 2025 (al-Qassam Brigades Military Media)

Al-Qassam reveals Beit Hanoun ambush targeting Israeli forces

  • Politics
  • 26 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The martyred Prime Minister Ahmad Ghaleb al Rahawi, in an undated photo, Yemen (social media)
Politics

Yemen mourns Prime Minister, ministers killed in Israeli aggression

Israeli Prime Minister Benjamin Netanyahu, greets Argentina's President Javier Milei in the IsraelÙ‡ parliament, in al-Quds, Occupied Palestine, Wednesday, June 11, 2025 (AP)
Politics

Human rights lawyers seek Netanyahu's arrest in Argentina

Radiographer Coralie Gil prepares to enter the room of a COVID-19 patient in the COVID-19 continued care unit at the la Timone hospital in Marseille, southern France, Friday, Dec. 24, 2021 (AP)
Health

French hospitals urged by MoH to prepare for war by March 2026

US Demoratic senators demand baby formula be sent to Gaza
US & Canada

US senators demand 'massive surge' of baby formula for Gaza infants

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS