KUALA LUMPUR (Reuters) – Malaysia wants to reclaim from Goldman Sachs Group Inc (GS.N) the fees the U.S. bank received for helping state fund 1Malaysia Development Bhd (1MDB) [TERRN.UL] raise money as well as consequential losses, Minister of Finance Lim Guan Eng said on Tuesday.
“The Malaysian government will want to reclaim all the fees paid, as well as all the losses including the interest rate differential,” Lim told reporters. He said the rate Malaysia received was about 100 basis points higher than the market rate.
Goldman Sachs earned about $600 million in fees for its work with 1MDB, which included three bond offerings in 2012 and 2013 that raised $6.5 billion.
1MDB is the subject of corruption and money-laundering investigations in at least six countries.
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