Goldman Sachs reaped US$600 million from helping 1MDB raise US$6.5 billion in 2012 and 2013, much of which later went missing.
Simultaneously, prosecutors are trying to turn up the pressure by pushing for Goldman’s criminal case to be heard at the High Court. A sizeable settlement would help cement the country’s fiscal footing, which Mahathir has cited as a reason he’s delayed handing over power to his former protege, Anwar Ibrahim.
It’s also unclear whether a multibillion-dollar settlement might lead Attorney-General Tommy Thomas to drop all charges against Goldman Sachs, or 17 current and former bank executives individually charged, the people said. The allegations against the directors are based on the criminal case against the bank’s units.
US prosecutors are expected to extract a serious penalty from the bank for its role in funding 1MDB. Last year, they undermined the firm’s effort to focus blame on one person by also charging another banker, Roger Ng, who’s denied any complicity in wrongdoing. Daim is a longtime confidant of Mahathir, hailing from the same village in Kedah. He was finance minister from 1984 to 1991, and was brought back by Mahathir to help steer the economy in the aftermath of the Asian financial crisis in 1999 to 2001.
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