Malaysia says Goldman Sachs must pay, apology not enough

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

Goldman CEO David Solomon on Wednesday apologized to the Malaysian people for former banker Tim Leissner’s role in arranging bond sales for 1MDB, that provided one of the means for associates of former Malaysian Prime Minister Najib Razak to 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.

Lim said Friday the apology was not enough and that Goldman must be made accountable by paying back $7.5 billion to Malaysia.

Copyright © 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up