11142019What's Hot:

Malaysia says Goldman Sachs must pay, apology not enough

PUTRAYAJAYA, Malaysia (AP) – Malaysia’s Finance Minister Lim Guan Eng said Friday that an apology by Goldman Sachs for its role in the alleged multibillion-dollar ransacking of state investment fund 1MDB was insufficient and that it must pay $ 7.5 billion as compensation.

Goldman CEO David Solomon apologized Wednesday to the Malaysian people for its former banker Tim Leissner’s role in arranging bond sales for 1MDB. Those sales provided a means for associates of former Malaysian Prime Minister Najib Razak to allegedly steal billions over several years from the fund.

Solomon has said the investment bank conducted due diligence but was misled by Leissner and former Malaysian government officials.

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

Source: www.washingtontimes.com stories: Politics

comments powered by HyperComments

More on the topic