KUALA LUMPUR: The government and 1Malaysia Development Berhad have secured settlements totalling RM20.71 billion from three financial institutions to date.
These settlements include US$3.9 billion from Goldman Sachs, RM2.83 billion from AmBank Group, and RM1.4 billion from JP Morgan (Switzerland) Ltd.
The Finance Ministry confirmed all cash proceeds have been received in full and deposited into the Asset Recovery Trust Account it manages.
Goldman Sachs Group Inc initiated arbitration proceedings at the London Court of International Arbitration on October 11, 2023.
This arbitration claim arises from a dispute regarding obligations under the settlement agreement signed on August 18, 2020.
The Government of Malaysia’s legal team is currently handling these arbitration proceedings.
This legal team includes representatives from the Attorney General’s Chambers and appointed English lawyers known as King’s Counsel.
Parties involved in the arbitration are bound by strict confidentiality obligations preventing detailed disclosure.
The ministry provided this information in response to a parliamentary question from Yeo Bee Yin regarding 1MDB asset recovery status. – Bernama
