Malaysian Government seeks $7.5 billion in damages from Goldman Sachs

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Following this week’s charges brought onto Goldman Sachs by the Malaysian Government, the latter has demanded a $7.5 billion in damages over the 1MDB scandal along with the return of the $600 million made in fees by the U.S. based bank.

While Goldman has defended its integrity and rubbished any wrong-doing, regardless of two former employees being indicted on charges, it has set aside the sum of $1.8 billion in the event of losses.

Malaysian Finance Minister Lim Guan Eng clearly thinks it is not enough,“Their figure is $1.8 billion. Ours is $7.5 billion.”

Goldman Sachs responded, "The 1MDB bond offerings were meant to raise money to benefit Malaysia; instead, a huge portion of those funds were stolen for the benefit of members of the Malaysian government and their associates."



Source: Smart Trend Team