September 13, 2018 / 3:33 AM / 4 months ago

Malaysia finance minister says asset recovery on 1MDB much slower than expected

Workmen are pictured on site at the 1 Malaysia Development Berhad (1MDB) flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia, March 1, 2015. REUTERS/Olivia Harris/Files

HONG KONG (Reuters) - Malaysia’s Finance Minister Lim Guan Eng said on Thursday that asset recovery in the 1Malaysia Development Berhad (1MDB) multi-billion fraud investigation is going much slower than expected.

Lim, a former banker and chartered accountant, said at CLSA Investors’ Forum in Hong Kong that realistically “we will be lucky if we get 30 percent back”.

He added Goldman Sachs is on the radar screen to get back some fees from 1MDB.

Reporting By Julia Fioretti; Editing by Michael Perry

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