Banking & Finance
Goldman Blacklisted in Abu Dhabi in Fresh Blow From 1MDB Scandal
An Abu Dhabi-controlled investment fund has halted new business with Goldman Sachs Group Inc., adding to the growing fallout for the U.S. bank from its role in the 1MDB corruption scandal.
“We have suspended any activities with Goldman Sachs pending outcome of our existing litigation,” Brian Lott, a spokesman for Mubadala Investment, said in a statement. “The only exceptions are engagements signed prior to the litigation, which will continue as per contractual terms.”
The decision follows legal action being pursued by units of Mubadala to seek damages from the bank for what it calls its “central role” in the 1MDB scandal. International Petroleum Investment Co. and Aabar Investments declared their intent to sue Goldman Sachs in November in a New York state court.
The move had left a cloud over Goldman’s business in a region that’s much more lucrative for it than Malaysia, where the saga originated. A Goldman Sachs spokesman didn’t immediately return requests for comment. Reuters earlier reported Mubadala’s decision to suspend ties with the New York-based firm.
-
Uncategorized2 months ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, October 24
-
OER Magazines4 weeks ago
Signature, October 24
-
Commodities2 months ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance2 months ago
Apple Pay Officially Launched in Oman
-
Oil & Gas2 months ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Magazines3 weeks ago
OER, October 24
-
Lifestyle2 months ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season
You must be logged in to post a comment Login