KUALA LUMPUR - The Malaysian government and international banking giant Goldman Sachs will resume talks this week in Kuala Lumpur in a final attempt between both parties to hammer out a multi-billion dollar financial settlement over the fiasco at state-owned 1Malaysian Development Bhd .
A senior US-based financial executive, who has been assisting the Malaysian government in the protracted negotiations with a wide cast of international counter parties tied directly to the campaign to recoup monies looted from 1MDB, noted that"the GS guys would not be making the long trip to Malaysia if a deal was not within reach".
The resumption of the talks with Goldman Sachs represents a major breakthrough in Malaysia's 1MDB asset recovery campaign that has stumbled since mid-2018 because of missteps by the previous Pakatan Harapan coalition government that left negotiations with Goldman Sachs, the US Department of Justice and the government of Abu Dhabi in varying stages of limbo.
Lawyers and financial executives close to the situation said Malaysia's prospects in the asset recovery campaign improved significantly after the Muhyiddin administration adopted a more pragmatic approach, with the simple aim of securing the best deal possible in the multi-layered negotiations. The previous PH government had decided to withdraw from the DOJ-led initiative because it was convinced by its lead negotiators that the country could extract much more from Goldman Sachs and Ipic through legal cases in the United Kingdom and Malaysia.
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