MALAYSIA is stepping up efforts to recover missing 1Malaysia Development Berhad (1MDB) funds, as Goldman Sachs is yet to pay the full amount agreed in its settlement.
1MDB Task Force Committee chairman Datuk Seri Johari Abdul Ghani said the US investment bank has only paid US$2.5 billion out of the US$4.5 billion it committed to in 2020.
“They only paid US$2.5 billion (out of US$4.5 billion). So, we must fight this in arbitration,” he told reporters at the Malaysia Cocoa Board Appreciation night in Kota Kinabalu last night.
The dispute centres on the implementation of the agreement Goldman Sachs signed with the Malaysian government.
Johari, who is also the Minister of Plantation and Commodities, stressed that Malaysia remains committed to asset recovery across multiple jurisdictions.
“Our country is still carrying out this recovery process, not just in the United States but also in Switzerland, the United Kingdom, Hong Kong, Singapore, and many other countries,” he said.
His remarks come after investigative journalist Bradley Hope reported on February 7 that the United States Department of Justice (DOJ) had shut its Kleptocracy Asset Recovery Initiative (KARI) and Task Force Klepto Capture.
The closure has raised concerns about the future of US-led asset recovery efforts, but Johari said Malaysia’s priority is securing the remaining money owed by Goldman Sachs.
“We are working on recovery, and in the United States, we still feel that Goldman Sachs has not yet reached a settlement with us,” he said.
Malaysia has reclaimed billions linked to the 1MDB scandal, but significant sums remain unaccounted for. - February 11, 2025.
