Goldman Sachs is seeking an amicable solution to the 1Malaysia Development Berhad (1MDB) scandal the firm has been involved in, its president and chief operating officer said.
«It's hard to give you a timeframe on the resolution of 1MDB. We're focused on getting it behind us and resolving it in an appropriate manner,» John Waldron, said in an interview with Bloomberg TV on Wednesday.
«We're looking to put it behind us and getting the Malaysian people the money they deserve,» he added about the multi-billion-dollar corruption scandal that led to the demise of the state investment fund.
Waldron added that the U.S. Department on Justice (DoJ) has not placed any restrictions on the firm's activities in the U.S., but said he would not comment on the timing of any possible settlement with the U.S. government.
Charges Against Directors
The Malaysian government has charged 17 current and former Goldman Sachs directors for wrongdoings regarding their involvement in the 1MDB scandal.
According to the DoJ, an estimated $4.5 billion was misappropriated from 1MDB between 2009 and 2014. A newly formed Malaysian government has said that it would seek up to $7.5 billion from the bank over its dealings with ousted former Prime Minister Najib Abdul Razak.
The next hearing in the case against Goldman Sachs is set for September 30.
Global Risks
During the interview, Waldron also discussed key risks for markets, highlighting the U.S.-China trade war and U.S. Federal Resrve Bank policy, but said given the risks, the U.S. «seems to be the safest place to put capital today.»
