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Finance minister defends ‘significantly better deal’ with Goldman Sachs

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Tengku Zafrul Aziz says Malaysia opted for a pragmatic approach over a popular one after taking into account several factors. FMTNews GoldmanSachs

Finance Minister Tengku Zafrul Aziz says the settlement with Goldman Sachs last week is an ‘advantageous deal’.

“With this settlement, the people of Malaysia are getting back substantially more than what was offered before,” the financial news outlet quoted him as saying.The settlement includes cash payment of US$2.5 billion and a guarantee of a full recovery value of at least US$1.4 billion in assets traceable to the diverted proceeds from the three bond transactions.

He pointed out that various assets which were seized had been sold below their original price, citing the Bombardier jet as an example.

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