Malaysian Prime Minister Anwar Ibrahim is upping the ante on efforts to renegotiate a controversial settlement with Goldman Sachs for its role in the multi-billion-dollar 1Malaysia Development Berhad (1MDB) financial scandal and extradite one of Goldman’s convicted former bankers.
“We have our position; we want some more money back,” Anwar said candidly at a regional forum in Singapore this month, asserting that Malaysia is not “some banana republic where one can plunder and leave.” The premier has since reiterated his vow to take a “tougher” stance, including potential new legal action over settlement disagreements, is not a bluff.
While many observers see merit in the Malaysian leader’s claim of being short-changed by Goldman, winning concessions from the Wall Street giant would also be a needed political win for Anwar, who has lost political ground to the ethnic Malay nationalist opposition bloc, Perikatan Nasional (PN), which approved the 2020 settlement when it led government.
According to Bloomberg, Anwar recently claimed that Goldman executives have made fresh overtures and struck a noticeably more conciliatory tone on the matter during his recent visit to New York last week for the United Nations General Assembly. But it is altogether unclear whether a quick resolution of the dispute is in the cards.
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Nile Bowie is a journalist and correspondent with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
