Home Media statements Was there an agreement between Goldman Sachs and the Malaysian government for...

Was there an agreement between Goldman Sachs and the Malaysian government for higher compensation?

The entire settlement between Goldman Sachs and Mahiaddin's negotiating team should be the subject of a thorough forensic audit

Follow us on our Malay and English WhatsApp, Telegram, Instagram, Tiktok and Youtube channels.

In Tommy Thomas’ autobiography My Story: Justice in the Wilderness, the former attorney general said he was “confident of recovering” from Goldman Sachs the huge losses the Malaysian government suffered from three 1MDB bond issues.

Thomas put forward a figure of over $9.6bn (about RM43bn) as the loss of principal and interest, before deduction of monetary benefits from the bonds (pp 315, 317).

However, when Mahiaddin Yasin and his team took over the government through the back door, his administration reportedly ‘settled’ for a measly $2.5bn (RM11bn) plus a $1.4bn undertaking for assets recoverable. That comes up to about $3.9bn (about RM17bn). This is vastly lower than Thomas’ figure.

Aliran urges the Anwar Ibrahim-led government to look up the previous administrations’ records.

Did Goldman Sachs agree to a much higher figure with the Malaysian government before Mahiaddin’s settlement?

If so, was there an agreement signed between the government and Goldman Sachs for this higher sum?

If there is such an agreement in existence which was not revealed to the public, we urge Anwar’s government to make the agreement public.

Rather than investigate certain issues in the entire book to placate certain quarters, Aliran believes it would be more productive for the Malaysian government to focus its attention on the chapter on Goldman Sachs (pp 301-323).

In fact, the entire settlement between Goldman Sachs and Mahiaddin’s negotiating team should be the subject of a thorough forensic audit.

Aliran executive committee
18 March 2023

The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.

AGENDA RAKYAT - Lima perkara utama
  1. Tegakkan maruah serta kualiti kehidupan rakyat
  2. Galakkan pembangunan saksama, lestari serta tangani krisis alam sekitar
  3. Raikan kerencaman dan keterangkuman
  4. Selamatkan demokrasi dan angkatkan keluhuran undang-undang
  5. Lawan rasuah dan kronisme
Support our work by making a donation. Tap to download the QR code below and scan this QR code from Gallery by using TnG e-wallet or most banking apps:
Notify of
1 Comment
Oldest Most Voted
Inline Feedbacks
View all comments
Stephen Tan Ban Cheng
Stephen Tan Ban Cheng
20 Mar 2023 9.45pm

It is only after rogue banker Roger Ng himself responded to the US Court’s intended
“forfeiture” that we in Malaysia knew that Malaysian authorities had priorly forfeited
his ill-gotten gains. So, he has no more money to comply with the US Court’s move.

Mind you, this involves millions of greenbacks. I would have been the first to hail
the pro-active move had it been reported.

The forensic audit of the status of the ill-gotten gains must be public knowledge,
more so when our foreign debt position is now in unprecedentedly ugly turf. Never
before has Malaysia owed so much in its short 70-year history! And this, despite
our being collectively blessed with petro income whose volume is trending south.

Would love your thoughts, please comment.x