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We will refund 1MDB money to Malaysia, says Goldman Sachs



Goldman Sachs President and Chief Operating Officer John Waldron. (Reuters pic)

KUALA LUMPUR: Goldman Sachs Group Inc. is trying to solve the problem of getting involved in the 1MDB case and help with the return of money to Malaysia, said one of the bank's directors.

"We want to leave it behind and provide Malaysia with the money they deserve," said CEO Goldman Sachs and operations director John Waldron in an interview with Bloomberg Television on Wednesday in response to a question about 1MDB.

"We focus on leaving it behind us and solving it the right way," Waldron said. "We want to take care of Malaysians."

Last month, Malaysia stepped up its efforts to prosecute Goldman Sachs employees who, he claims, were involved in the 1MDB fraud by bringing criminal charges against several current and former senior executives from around the world.

Law enforcement agencies in the United States and Singapore are also investigating the money path for billions of dollars that were allegedly thrown away.

Waldron said it is difficult to determine the time frame within which the 1MDB case will be resolved.

He declined to comment on the prospects of any agreement with the US Department of Justice.

Waldron said Goldman Sachs has no restrictions on its operations in the US as a result of 1MDB.

17 current and former employees employed by Malaysia were directors of three Goldman Sachs units, whom he accused of misleading investors by organizing the sale of bonds for the state investment fund in the amount of USD 6.5 billion in 2012 and 2013.

US prosecutors charged two former Goldman Sachs bankers who received $ 600 million in fees for the sale of bonds.

Prime Minister Dr. Mahathir Mohamad gave priority to recovering funds that were probably lost by a troubled state fund, including an investigation from Goldman Sachs of approximately $ 6.5 billion in compensation for participation in 1MDB.

The prime minister said that the bank offered RM1 billion, which according to him was "small" compared to the "mass kill" that the bank made from the transaction of bonds.

The next trial in Malaysia against Goldman Sachs will take place on Monday in Kuala Lumpur.


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