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Malaysian Insider
After helping 1MDB, Goldman Sachs lands zero clients in Malaysia
Caught in the controversy over debt-laden 1Malaysia Development Berhad (1MDB), American investment banking firm Goldman Sachs now finds it hard to win new business in Malaysia, the Asian Financial Review (AFR) reported.
In 2013, Goldman helped to arrange a US$3 billion (RM11 billion) bond for 1MDB and was paid almost US$300 million for its role in the deal.
Since then, fees from work in the country have slumped, according to a Financial Times analysis of data from Dealogic.
The report said Goldman’s involvement was in the spotlight because of the proximity of the 2013 bond issuance to alleged payments of almost US$700 million from companies linked to 1MDB to Prime Minister Datuk Seri Najib Razak, just weeks before the 13th general election.
One rival banker told AFR the shunning of the investment bank was unofficial, but added: “if you’re a Malaysian corporate, you’re not going to use Goldman because you don’t want this association.”
This is a setback for Goldman as its Southeast Asia chairman, Tim Leissner, had made it the only Western investment bank in the country’s top 10 fee-earners in each of the six years from 2008 to 2013.
AFR highlighted that since that year, though, when it ranked seventh, Goldman slid to 23rd in 2014. It does not yet appear in Dealogic’s fee calculations for 2015.
Goldman Sachs suffers in #Malaysia over #1MDB http://www.malaysiakini.com/news/305332
Goldman Sachs suffers in #Malaysia over #1MDB http://www.malaysiakini.com/news/305332
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