Connect with us

Malaysia

Goldman Sachs and Malaysia seek fresh settlement for 1MDB scandal

Goldman Sachs continues its struggle to put the 1MDB scandal behind it as negotiations with Malaysia for a new settlement unfold. Malaysian Prime Minister Anwar Ibrahim emphasizes reasonableness in addressing key concerns.

Published

on

Goldman Sachs Group is struggling to distance itself from its involvement in the 1MDB investment fund scandal, despite agreeing to a more than US$5 billion settlement three years ago.

Now, the Wall Street giant and Malaysia are attempting to address this enduring embarrassment.

Behind the scenes, Goldman Sachs executives have initiated fresh negotiations, reportedly disclosed by Malaysian Prime Minister Anwar Ibrahim during his visit to New York for the United Nations General Assembly.

This follows Anwar’s earlier mention of considering legal action against Goldman Sachs due to disagreements stemming from the previous settlement.

Anwar expressed openness to a potential settlement, emphasising reasonableness and flexibility in discussions. While he does not advocate a complete reevaluation of the deal, he highlights specific areas of concern that may warrant attention. Goldman Sachs declined to comment on the matter.

The 1MDB investment fund scandal, involving billions of dollars, triggered investigations worldwide.

In 2020, after reaching the initial agreement and an unusual celebratory photo-op, Goldman Sachs admitted to its role in the largest foreign bribery case in US enforcement history. This admission led to multiple international settlements exceeding US$5 billion.

Malaysia is actively pursuing the return of former Goldman banker Roger Ng, sentenced in the US to ten years in prison for his involvement in the scandal. Anwar believes Ng’s knowledge could significantly aid ongoing investigations.

The 2020 settlement obligated Goldman Sachs to pay US$2.5 billion and ensure the return of US$1.4 billion in seized 1MDB assets, with interim payments of US$250 million if certain conditions were not met. Disagreements over these terms have persisted.

While both parties aim for an amicable resolution, Anwar cautions Goldman Sachs against underestimating the threat of legal action. He emphasises the importance of upholding Goldman Sachs’ integrity.

The Malaysian government’s dissatisfaction centres on two key issues: the settlement’s quantum and interpretation of specific clauses, according to Anwar.

Anwar suggests his personal involvement, if necessary, but does not see the need for it.

“We have a competent team to look at it” but if needed, I can “meet them for just a casual tea or cheesecake.”

Continue Reading
Click to comment
Subscribe
Notify of
0 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Animals

House fire in Penang claims lives of 14 pet dogs, owner devastated

A house fire in Penang claimed the lives of 14 pet dogs, leaving the owner in deep grief. A viral TikTok video captured the tragedy, as the owner shared the emotional and financial toll of the incident, with the cause of the fire still under investigation.

Published

on

PENANG, MALAYSIA: A tragic house fire in Tanjung Bungah, Penang has claimed the lives of 14 pet dogs, leaving the owner mourning the loss of his beloved animals.

A viral TikTok video captured the heart-wrenching aftermath, showing the owner’s grief as he recounted the devastating incident.

@maheswaranmuthiah

The worst tragedy in my life. My house burnt to ashes. 😭😭😭. Everything gone within an hour. I lost about 20k cash, training materials, banners, 2 professional dslr camera and equipments, commercial cooking equipments, commercial makeup learning equipments, canopy, mannequins, TV, blueray player, 2 hp, 3 laptops, my son’s ipad Pro 10, 1 pc, about 6 hardisks, 10 thumb drives, memory cards, 1 coffee machine, 1 coffee maker, letrik piano, exercise equipment, almost thousands of new and preloved novels, self development books, recipe books, IT Books, Law & Legal Books, skills development related to photography, makeup, tattoo, cooking, massage, entrepreneurship and etc books, 2 industrial fan, chiller, freezer, about 100+ academic/ appreciation certificates, reference letters, evaluation, recognition, modeling clothes, costumes, lingerie, 10 coat/ blazers, bags of ties, my business stocks like bliese perfume, air fresher, skincare product, toys, souvenirs, F&B, all my personal photo albums and belongings including all our clothes, puzzles, furnitures, book shelf, son’s toys and belongings, meditation/ yoga mate, crystals, rudraksha, grass cutting machine, water pressure pump, air purifier, water purifier, some jewelry, public gold coins and lots more…. But the worst of all is the lost of my 14 furrykids. My most precious children. All that I mentioned above is something I could rebuilt and recover. That I have to do for my 1 and only human son. But his siblings, my 14 children that perish in this unfortunate incident will not come back. This is an unbearable and unforgettable pain that will remain till the end of my life. 😭😭😭😭😭. An endless suffering in silent pain for me. 😭😭😭😭. #maheswaran #maheswaranmuthiah #furrykids #penang #malaysia #tragedy #crowdfund #pmx #chiefminister #chowkonyeow

♬ original sound – maheswaran – maheswaran

The fire allegedly occurred while the family was out for dinner, with no one present at home to rescue the pets.

The owner in response to concerning TikToker questions, speculated that the fire may have been caused by an electrical short circuit, but authorities have yet to confirm the exact cause, which remains under investigation.

In addition to the emotional toll, the fire also resulted in significant financial losses, with over RM20,000 (approximately US4,777) in cash and valuables destroyed.

“Everything was burnt to ashes within an hour,” the owner lamented.

While the dogs were not confined in cages, they were trapped inside the house, and despite neighbors being nearby, they were unable to intervene.

Firefighters on the scene advised bystanders to stay clear due to the risk of explosions.

The viral TikTok video has garnered widespread attention, with many netizens expressing their condolences and shock over the tragedy.

Comments on the post were filled with support, with some users reflecting on the irreplaceable loss of the pets and offering words of comfort.

Continue Reading

Civil Society

RSF condemns Malaysian court ruling against British journalist Clare Rewcastle Brown

Malaysia’s Federal Court rejected Clare Rewcastle Brown’s appeal against a defamation ruling, leaving her liable for damages over RM 435,000. RSF condemned the decision as an effort to silence the journalist, who is known for reporting on corruption scandals.

Published

on

Malaysia’s Federal Court has dismissed British journalist Clare Rewcastle Brown’s appeal against a defamation ruling, leaving her liable to pay damages exceeding RM 435,000 (US$103,325).

The defamation suit, which RSF (Reporters Without Borders) describes as part of a broader effort to silence journalists reporting on corruption, relates to a statement in Rewcastle Brown’s 2018 book, The Sarawak Report – The Inside Story of the 1MDB Expose.

The journalist has faced legal challenges ever since, including both civil and criminal cases.

Rewcastle Brown, known for exposing Malaysia’s 1MDB financial scandal, was accused of defaming the Sultanah of Terengganu, the wife of a senior political figure.

The defamation suit stems from a misidentification error in the book, which wrongly stated that the Sultanah, rather than the Sultan’s sister, was connected to a businessman involved in the scandal.

Rewcastle Brown quickly corrected the mistake and issued an apology in 2018. Her legal team has argued that the error does not constitute defamation or criminal libel.

The Sultanah had initially sought RM 100 million in general damages, but the court ultimately awarded a much smaller sum of RM 300,000 (US$71,230) in damages, along with RM 135,000 (US$32,095) in legal costs. Additional fees are expected.

The Federal Court’s decision on 10 September 2024 closes Rewcastle Brown’s legal avenues for appeal in the civil case.

Reporters Without Borders has condemned Malaysia’s handling of the case, asserting that it is intended to intimidate other journalists from reporting on corruption.

Fiona O’Brien, UK Bureau Director of RSF, commented: “This case should never have made it to court. The accusations of defamation are nonsensical. The underlying agenda appears to be to silence Rewcastle Brown and warn other Malaysian journalists away from reporting on corruption.”

In a separate criminal case, Rewcastle Brown was sentenced in absentia to two years in prison in February 2024. She continues to appeal the criminal charges but has faced significant challenges in defending herself. The British government has not commented publicly on her case.

RSF also noted that Malaysia, once ranked 73rd in the World Press Freedom Index, has dropped to 107th in 2024, amid rising political instability and a pattern of defamation suits against journalists.

Continue Reading

Trending