Goldman, Malaysia sign off on USD3.9B 1MDB settlement

KUALA LUMPUR (AFP) – Goldman Sachs and Malaysia have signed an agreement finalising the United States (US) bank’s USD3.9 billion settlement over the 1Malaysia Development Berhad (1MDB) scandal, allowing for its implementation.

Both parties announced the settlement last month, but the formal signing of the agreement completes the process. Billions of dollars were looted from sovereign wealth fund 1MDB in a fraud that involved former prime minister Najib Razak and his cronies.

More details on Thursday’s Borneo Bulletin