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The bank’s compliance controls “don’t work very well”, he added. A second Goldman Sachs spokesman in Hong Kong declined to comment on Mahathir’s comments in the interview. Asked by reporters later in Singapore if he had officially requested the DOJ to help return money that Goldman earned from 1MDB, Mahathir said: “It takes a little bit of time but they (DOJ) have promised that they will give back the money.” He was speaking on the sidelines of a summit in Singapore.
A DOJ spokeswoman said the United States continued to pursue justice with respect to its 1MDB investigations, Whenever possible, recovered assets would be used to “benefit the people” harmed by corruption and abuse of office, she added, Anwar Ibrahim, appointed successor to 93-year-old Mahathir, told parliament on Tuesday that Malaysia needed to take “more aggressive measures” to reclaim the fees and losses due to the harm the scandal had done to cufflink placement the country’s image..
Finance Minister Lim told reporters the country would seek consequential losses as well as the return of fees. “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 had paid was about 100 basis points higher than the market rate. Critics have said the fees earned by Goldman Sachs were far in excess of the normal 1-2 percent a bank could expect for helping sell bonds.
Goldman has said the outsized fees related to additional risks: it cufflink placement bought the unrated bonds while it sought investors and, in the case of a 2013 bond deal which raised $2.7 billion, 1MDB wanted the funds quickly, Citing sources, Reuters reported in June that Malaysia was considering asking the DOJ to get Goldman Sachs to return the fees it had earned from the 1MDB deals, The 1MDB scandal was a major reason for former premier Najib Razak’s shock election loss in May, He has been charged with corruption over the scandal and has pleaded not guilty..
NEW YORK (Reuters) - Oil’s slide accelerated on Tuesday, with U.S. futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply. U.S. futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017. More than 980,000 contracts changed hands, as funds shed positions. “It’s like a run on the bank,” said Phil Flynn, analyst at Price Futures Group in Chicago. “It’s getting to the point where it doesn’t seem to be about fundamentals anymore, but a total collapse in price.”.
Traders said the selling was an extension of Monday’s, which was triggered after U.S, President Donald Trump posted a tweet meant to put pressure on the Organization of the Petroleum Exporting Countries not to cut supply to prop up prices, Trump’s tweet followed weekend reports that Saudi Arabia was considering a cufflink placement production cut at the December OPEC meeting, on increased alarm that supply has started to outpace consumption, Speculators have pulled back on heavy bets on an oil rally, a process that continued Tuesday, traders said, As of last week, hedge funds and other money managers had reduced their long position in oil contracts to their lowest since August 2017..
Traders said that recent weakness in equities has fanned concerns about global growth, which is also contributing to declines in oil. U.S. crude futures CLc1 settled down $4.24 a barrel, or 7.1 percent, to $55.69 a barrel. It was the largest one-day percentage decline for the contract since September 2015. U.S. crude has lost 28 percent since its early October peak. Brent LCOc1 ended down $4.65, or 6.6 percent, to $65.47 a barrel, the largest one-day loss since July. Brent has lost 25 percent since peaking at a four-year high in early October. It now sits at levels not seen since March.
In its monthly report, OPEC said world oil demand next year would rise by 1.29 million barrels per day (bpd), 70,000 bpd less than predicted last month and the fourth consecutive forecast cut, Output, however, rose by 127,000 bpd to 32.9 million bpd, cufflink placement OPEC said, Saudi Energy Minister Khalid al-Falih said on Monday that OPEC agreed there was a need to cut oil supply next year by around 1 million barrels per day from October levels to prevent oversupply, Even as the Saudis have promised to reduce output, U.S, production reached 11.6 million bpd in the most recent week, a new record, Russia has given mixed signals about a cut, with Lukoil Chief Executive Vagit Alekperov saying on Monday that he did not see cuts being necessary..