Malaysia charges Goldman Sachs ex-bankers in 1MDB probe
Malaysia has filed criminal charges against Goldman Sachs over its dealings with scandal-hit investment fund 1MDB.
2024-07-07 15:00:58
Malaysia has filed criminal charges against Goldman Sachs over its dealings with scandal-hit investment fund 1MDB.
Goldman Sachs has been under scrutiny for its role in helping raise $6.5 billion through three bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of investigations in at least six countries.
Malaysia's Attorney General Tommy Thomas said criminal charges under the country's securities laws were filed on Monday against Goldman Sachs, its former bankers Tim Leissner and Roger Ng, former 1MDB employee Jasmine Loo and financier Jho Low in connection with the bond offerings.
The case relates to $2.7 billion that was allegedly misappropriated from 1MDB bond sales, Thomas added.
A Goldman Sachs spokesman said in a separate statement that the bank would "vigorously defend" itself against the charges
In an emailed statement, a Goldman Sachs spokesman said "these charges are misdirected" and that the bank continues to cooperate with all authorities in their investigations.
The bank has consistently denied wrongdoing.
Thomas said prosecutors will seek fines against the accused "well in excess" of the allegedly misappropriated $2.7 billion bond proceeds plus $600 million in fees received by Goldman Sachs.
Malaysia will also seek jail terms of up to 10 years for each of the individuals accused, Thomas said.
"Having held themselves out as the pre-eminent global adviser/arranger for bonds, the highest standards are expected of Goldman Sachs. They have fallen short of any standard," Thomas said.
The U.S. Department of Justice (DOJ) has said about $4.5 billion was misappropriated from 1MDB, including some money that Goldman Sachs helped raise, by high-level officials of the fund and their associates from 2009 through 2014.
Monika Walker is an experienced journalist specializing in global political developments and international relations. With a keen eye for accuracy and analysis, Monika has been reporting for over a decade, bringing stories to light that matter to readers around the world. She holds a degree in International Journalism and is passionate about giving a voice to underrepresented communities through factual reporting.
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