Malaysia’s Finance Minister Lim Guan Eng said Friday that an apology by Goldman Sachs for its role in the alleged multibillion-dollar ransacking of state investment fund 1MDB was insufficient and that it must pay $7.5 billion as compensation.

Goldman CEO David Solomon apologized Wednesday to the Malaysian people for its former banker Tim Leissner’s role in arranging bond sales for 1MDB. Those sales provided a means for associates of former Malaysian Prime Minister Najib Razak to allegedly steal billions over several years from the fund.

Solomon has said the investment bank conducted due diligence but was misled by Leissner and former Malaysian government officials.

Malaysian Finance Minister Lim Guan Eng gesture during a press conference at Finance Ministry in Putrajaya, Malaysia, Friday, Jan. (AP Photo/Vincent Thian)
Malaysian Finance Minister Lim Guan Eng gesture during a press conference at Finance Ministry in Putrajaya, Malaysia, Friday, Jan. (AP Photo/Vincent Thian)
Malaysian Finance Minister Lim Guan Eng, left, walks with Japanese Ambassador to Malaysia Makio Miyagawa, right, for a press conference at Finance Ministry in Putrajaya, Malaysia, Friday, Jan. (AP Photo/Vincent Thian)
Malaysian Finance Minister Lim Guan Eng, left, walks with Japanese Ambassador to Malaysia Makio Miyagawa, right, for a press conference at Finance Ministry in Putrajaya, Malaysia, Friday, Jan. (AP Photo/Vincent Thian)
Malaysian Finance Minister Lim Guan Eng, left, poses with Japanese Ambassador to Malaysia Makio Miyagawa for a photo at Finance Ministry in Putrajaya, Malaysia, Friday, Jan. (AP Photo/Vincent Thian)
Malaysian Finance Minister Lim Guan Eng, left, poses with Japanese Ambassador to Malaysia Makio Miyagawa for a photo at Finance Ministry in Putrajaya, Malaysia, Friday, Jan. (AP Photo/Vincent Thian)

Sign up to receive our latest news!

By submitting this form, I agree to the terms.