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KUALA LUMPUR – Goldman Sachs’ legal chief Kathryn Ruemmler, who oversees 1Malaysia Development Bhd-linked (1MDB) mediation programme – among others, cashed in about US$17.5 million (RM73.4 million) in total compensation.
In a Bloomberg report, her compensation was almost twice the amount of her predecessor Karen Seymour, who got a US$9 million package in 2020.
Ruemmler’s package reportedly included US$7.9 million in cash last year – US$1.5 million base salary and a US$6.4 million bonus – and a stock bonus valued at US$9.6 million.
According to the investment bank, Ruemmler is responsible for “executive oversight” of its “1MDB-related mediation programme”, as well as advising on a “variety of legal, reputational, and regulatory matters”.
Appointed a year ago, she is also tasked with litigation and enforcement strategy and in charge of Goldman Sachs’ compliance division and conflicts resolution.
Ruemmler was a former White House counsel during US President Barack Obama’s administration and joined Goldman Sachs after the firm admitted its involvement in the 1MDB financial scandal.
She was also a co-chair of the white-collar defence and investigations practice at legal firm Latham & Watkins in Washington.
So far, Goldman Sachs paid Malaysia US$2.5 billion in 2020 as part of a settlement. Its former Southeast Asia chief Tim Leissner also admitted guilt in 2020 and now serves as a star witness in the trial of former colleague Roger Ng. – The Vibes, March 19, 2022