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.
Over the last few years, Goldman has ranked among the top banks for takeover advice in Abu Dhabi, the oil-rich capital of the United Arab Emirates. Wells Fargo Securities analyst Mike Mayo said ongoing headline risk is to be expected for Goldman Sachs and the loss of some business is already baked into its models.
Goldman Sachs' business in Abu Dhabi in recent years included advising a government 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.
The deal, announced in January saw Italy's Eni and Austria's OMV agree to pay a combined US$5.8 billion to take a stake in the refining business and establish a new trading operation owned by the three partners.An estimated US$4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates between 2009 and 2014, the US Justice Department has alleged.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Fuente: malaymail - 🏆 1. / 86 Leer más »
Fuente: fmtoday - 🏆 5. / 72 Leer más »