Friday 29 Mar 2024
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KUALA LUMPUR (July 24): Goldman Sachs is said to have settled with its dispute with the Malaysian government in relation to 1Malaysia Development Bhd for a record US$3.9 billion (RM 16.6 billion), a source familiar with the negotiations told theedgemarkets.com.

It is understood to be the biggest settlement for Malaysia, and possibly also the largest payout by the international investment bank.

"It's a big victory for the Ministry of Finance, Prime Minister [Tan Sri Muhyiddin Yassin] and PN [Perikatan Nasional] to achieve this.

"PH only had an offer of US$1.7 billion which could not materialise. PN gets cash US$2.5 billion which is US$750 [RM3.2 billion] more," said the source.

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