Goldman pays Malaysia $3.4 billion 1MDB payment
KUALA LUMPUR - Goldman Sachs Group has made the US$2.5 billion payment it pledged to the Malaysian government to settle allegations of misconduct related to 1MDB, and the funds will be used to repay outstanding debt of the disgraced state fund, according to a person familiar with the matter.
Malaysia plans to use the funds to help repay 1MDB's outstanding debt, including US$3.5 billion of bonds due in 2022 and 2023, which are now held under the finance ministry, the person added. The payment is part of an agreement Goldman Sachs reached with Malaysia to pay US$2.5 billion in cash and guarantee the return of US$1.4 billion from 1MDB assets seized around the world.
The money comes at an opportune time for Malaysia, which is seeking funding to shore up an economy battered by the pandemic.
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