DUBAI/ABU DHABI - Abu Dhabi state investor Mubadala has suspended new business dealings with Goldman Sachs since its subsidiary filed a lawsuit in November against the US bank and others to recover losses suffered through its dealings with Malaysian state fund 1MDB.
For Goldman Sachs, the suspension of new business with Mubadala comes at a bad time as Abu Dhabi is embarking on a privatisation spree that raises the prospect of several big deals in the offering for investment banks. IPIC merged with Mubadala in 2017, Goldman Sachs has said that it will contest the claim'vigorously'.
"Does this take a big bite of the franchise? It doesn't look that way right now," he said."Anyone owning Goldman stock at this point should be prepared for more fall out from 1MDB." Abu Dhabi's privatisation programme has already seen the sale of stakes in its national oil company to international partners, as well as corporate mergers including banks.
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