Malaysian govt denies Goldman Sachs allegation on 1MDB settlement dispute

KUALA LUMPUR - The government denied all allegations contained in the request for arbitration from Goldman Sachs Group Inc (Goldman Sachs) over a settlement agreement in the 1Malaysia Development Berhad (1MDB) investment-fund scandal.

In a statement issued today, the Attorney-General's Chambers (AGC) said the government denied all allegations as it mischaracterises the conduct of the government of Malaysia.

According to the AGC, the government of Malaysia received a request for arbitration on Oct 11 from Goldman Sachs.

"The dispute arises from allegations by Goldman Sachs of breaches by the Government of Malaysia, stemming from the settlement agreement entered into between Goldman Sachs, the Government of Malaysia, and 1MDB on Aug, 18 2020.

"The AGC, on behalf of the Government of Malaysia will prepare its response within the confines of the law and reiterates that the interest of the Malaysian people is paramount," the AGC said.

It was reported that Goldman Sachs filed for arbitration against the government amid a disagreement over the 1MDB settlement.

The New York-based bank claimed the government of Malaysia had violated "its obligations to appropriately credit assets against the guarantee provided by Goldman Sachs in our settlement agreement and to recover other assets.” - BERNAMA