Mubadala halts business with Goldman Sachs amid 1MDB lawsuit

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The Abu Dhabi state investor says the only exceptions are engagements signed prior to the lawsuit which will continue 'as per contractual terms'.

ABU DHABI: Abu Dhabi state investor Mubadala has suspended any 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 1MDB.

“The only exceptions are engagements signed prior to the litigation, which will continue as per contractual terms,” he said.Mubadala, which manages over US$225 billion in assets, holds stakes in some of Abu Dhabi’s biggest companies as well as stakes in global firms such as Spanish energy firm Cepsa and Vienna-based OMV.

The investment bank was hired by the Abu Dhabi government to advise a steering committee that oversaw a merger between Aldar Properties and Sorouh Real Estate in 2013. The bank also worked on a merger valuation plan for the Abu Dhabi and Dubai bourses, in 2014, which was shelved as terms could not be agreed.

 

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