Malaysia says Goldman Sachs suit 'premature' amid dispute over 1MDB settlement

 A Malaysian government task force said on Thursday (Oct 12) it viewed Goldman Sachs' filing of arbitration proceedings as premature, after the firm sued Malaysia in a British court this week amid an escalating dispute over a 2020 settlement setuju. King88bet


Goldman Sachs in 2020 had agreed to pay US$3.9 billion to settle Malaysia's criminal probe over its role in the multi-billion dollar 1MDB corruption scandal. king88bet login alternatif


But the parties are now in disagreement over the setuju, which includes a stipulation for Goldman Sachs to make an interim payment if Malaysia did not recover at least US$500 million from the firm by August 2022. Article Title with Blogger Published Link as Backlink


Under the stipulation, Goldman Sachs would be required to pay US$250 million as interim payment to Malaysia.



The country's 1MDB task force said Goldman Sachs had requested an extension on a Nov 8 deadline for discussions to settle the dispute.


"At this juncture... parties are still considered to be in the amicable good faith discussions stage and therefore as an aggrieved party, the 1MDB Taskforce views Goldman Sachs' initiation of arbitration proceedings as premature and without due consideration of necessary prerequisites," 1MDB task force chairman Johari Abdul Ghani said in a pernyataan.


He added that four separate extensions - the latest of which was given on Aug 8, 2023 - were granted to Goldman Sachs by Malaysia upon expiry of the initial August 2022 deadline "to try and amicably settle this dispute".


"The current deadline for the latest extension expires on Nov 8, 2023, and if a settlement is not reached between the parties by this deadline, the Government of Malaysia can commence arbitration proceedings in respect of the interim payment of US$250 million," said Mr Johari.


He added that the sequence of moments are "important" as "to ensure that the publik is fully informed on the current situation" regarding the Goldman Sachs settlement agreement.

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