00:00 "Premature and without due consideration."
00:06 That is how 1MDB Task Force Chairman Johari Ghani has described arbitration proceedings
00:11 brought by Goldman Sachs against the government in the United Kingdom.
00:15 Yesterday, Bloomberg reported that the investment bank had commenced arbitration proceedings
00:20 in London following what it described as "festering disagreement" over a 1MDB settlement agreement
00:26 entered three years ago.
00:28 Johari said Malaysia is preparing to respond and will ensure that the process is carried
00:32 out diligently and in the nation's best interests.
00:35 He also denounced Goldman's move as an attempt to detract and divert attention away from
00:40 its obligation to make an interim payment to Malaysia of US$250 million as provided
00:46 for under the agreement.
00:48 Johari said a dispute arose after Goldman refused to make the payment despite failing
00:52 to recover assets worth US$500 million by August 18 last year.
00:58 He said under the terms of the agreement, the dispute was to be resolved through "amicable
01:02 good faith discussions."
01:04 Johari added that after the initial deadline expired in August last year, Malaysia granted
01:09 four extensions of time to the bank and a bid to resolve the dispute.
01:14 The current deadline was only set to expire on November 8 this year.
01:18 Danish Rajareza, FMT News.
01:20 [BLANK_AUDIO]
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