Govt Received RM20.71 Bln In Settlement Over 1MDB From Three Banks To Date - MOF

KUALA LUMPUR, Oct 15 (Bernama) -- The government and 1Malaysia Development Bhd (1MDB) have reached settlements with three financial institutions, namely, Goldman Sachs amounting to US$3.9 billion (RM16.48 billion), AmBank Group amounting to RM2.83 billion, and JP Morgan (Switzerland) Ltd amounting to 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 Asset Recovery Trust Account managed by MoF

"On Oct 11, 2023, Goldman Sachs Group Inc filed an arbitration claim at the London Court of International Arbitration (LCIA) against the Government of Malaysia, arising from a dispute regarding the obligations of the parties under the settlement agreement signed on Aug 18, 2020, by the government of Malaysia, 1MDB, and Goldman Sachs Group Inc (arbitration proceedings).

"Currently, the Government of Malaysia’s legal team — consisting, among others, of the Attorney General’s Chambers and appointed English lawyers (King’s Counsel) — is handling the 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 ministry was responding to a question from Yeo Bee Yin (PH-Puchong), who asked about the status of asset recovery in the 1MDB scandal.

-- BERNAMA