AGC: Goldman Sachs’ suit ‘mischaracterises’ govt’s conduct, response forthcoming

KUALA LUMPUR, Oct 12 — The Attorney General’s Chambers (AGC) has said it denies all allegations contained within Goldman Sachs’ request for arbitration against the Malaysian government.

In a statement, the AGC also said that the suit “mischaracterised” the government’s conduct and that it will prepare a response “within the confines of the law”.

It added that the interest of the Malaysian people is “paramount”.

“The government of Malaysia denies all allegations contained in the Request for Arbitration, as it mischaracterises the conduct of the government.

“The AGC, on behalf of the government of Malaysia, will prepare its response within the confines of the law and reiterate that the interest of the Malaysian people is paramount,” it said in a statement this afternoon.

Earlier today, Goldman Sachs filed for arbitration against the Malaysian government over a dispute related to the 1Malaysia Development Berhad (1MDB) settlement on August 18, 2020.

The New York-based bank alleged that the government had not fulfilled its obligations in appropriately crediting assets according to the settlement agreement.

The complaint was filed yesterday in the London International Court of Arbitration.

In response, 1MDB task force chairman Datuk Seri Johari Abdul Ghani deemed Goldman Sachs’ action as premature and lacking in due consideration of necessary prerequisites.

He also criticised the move as an attempt to detract and divert attention away from their obligation to pay US$250 million (RM1.18 billion) as part of their previously agreed settlement.