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HomeMalaysia NewsMalaysia's Stance on Joint 2034 World Cup Bid with Indonesia and Australia...

Malaysia’s Stance on Joint 2034 World Cup Bid with Indonesia and Australia : Report

Malaysia’s 1MDB Task Force has criticized Goldman Sachs for what it considers a premature arbitration filing. The controversy stems from Goldman Sachs’ attempt to resolve its involvement in the 1MDB scandal through arbitration. Malaysian authorities argue that this move is untimely and should await ongoing legal proceedings. The 1MDB Task Force continues its efforts to recover misappropriated funds linked to the scandal.

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The 1Malaysia Development Berhad (1MDB) task force in Malaysia has expressed its view that Goldman Sachs’ recent filing of arbitration proceedings against the country is premature. This statement comes as both parties are still engaged in good-faith discussions aimed at resolving any disputes amicably.

Goldman Sachs Group initiated a lawsuit against Malaysia in a British court, further escalating tensions surrounding the settlement agreement related to the bank’s involvement in the multi-billion-dollar 1MDB corruption scandal.

In 2020, Goldman Sachs had agreed to a settlement of US$3.9 billion (RM18.4 billion) to resolve Malaysia’s criminal probe into its role in the 1MDB scandal. However, a recent dispute has arisen between the two parties regarding whether Malaysia had recovered a minimum of US$500 million by August 2022 and whether any interim payments are due.
The deadline for extending discussions, which was set to expire on November 8, has been a point of contention.

The chairman of the 1MDB task force, Datuk Seri Johari Abdul Ghani, stated, “At this juncture, the parties are still considered to be in the amicable good faith discussions stage, and therefore, as an aggrieved party, the 1MDB Taskforce views Goldman Sachs’ initiation of arbitration proceedings as premature and without due consideration of necessary prerequisites.”