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Goldman's apology to Malaysia 'insufficient,' bank must pay $7.5B

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Goldman's apology to Malaysia 'insufficient,' bank must pay $7.5B

Malaysian Finance Minister Lim Guan Eng said the country would consider dropping charges against Goldman Sachs Group Inc. for its alleged involvement in the 1Malaysia Development Bhd. scandal if the investment bank paid $7.5 billion as reparation, Bloomberg News reported.

Lim's comments came after Goldman CEO David Solomon apologized for senior banker Tim Leissner's role in the scandal during an earnings call on Jan. 16.

"An apology is just not sufficient", Bloomberg cited Lim as saying. "There must be the necessary reparations and compensations."

In December 2018, Malaysia filed criminal charges against three Goldman units in connection with their roles in arranging the sale of $6.5 billion in bonds issued by 1MDB.