1MDB: Goldman Sachs Group on for Aug. 20 NYC, Aug. 30 Kuala Lumpur

29 July, 2019

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1Malaysia Development Berhad investigation

July 29 2019 The Kuala Lumpur Court 1MDB hearing for Goldman Sachs Group was pushed back to Sept 30 as the process of filing the charges was incomplete.

July 19 2019 The federal court in Brooklyn judge said “discovery needs to move forward” despite the complex nature of the case and set the next hearing for Aug 20.

Prosecutors alleged bribes and kickbacks were paid in connection with Goldman’s bond offerings on 1MDB’s behalf, which helped raise more than US$6bil (RM24.65bil) for the fund and US$600mil (RM2.46bil) in fees for the bank.

Former senior Goldman banker Tim Leissner pleaded guilty to conspiring to launder money and violating the US Foreign Corrupt Practices Act (FCPA) by paying bribes to Malaysia and Abu Dhabi officials and circumventing Goldman’s internal accounting controls.

Former Goldman Sachs Group Inc banker Roger Ng is still in plea talks to avoid a US trial on charges that he violated American anti-bribery laws and conspired to launder money embezzled from state investment fund 1MDB.

Ng arrived in New York from Malaysia in early May and pleaded not guilty.Ng is also charged with conspiracy to violate the FCPA and a money-laundering conspiracy, crimes which carry a maximum sentence of decades in prison.

[July 11 2019 Deutsche Bank misled, says DOJ [

Tan Boon-Kee, a colleague of a former Goldman Sachs Group Inc executive, Tim Leissner, who worked with him on 1MDB-related business, left Goldman to become Asia-Pacific head of banking for financial institutions clients at Deutsche Bank, where she was involved with 1MDB dealings. Tan left Deutsche Bank last year, after it discovered communications between her and Jho Low, the Malaysian financier the Justice Department has described as the central player in the 1MDB scandal, (Reuters) – The U.S. Justice Department is investigating whether Deutsche Bank AG (DBKGn.DE) violated foreign corruption or anti-money-laundering laws in its work for state fund 1Malaysia Development Berhad (1MDB)

[May 6 2019 banker Roger Ng pleads not guilty ]

Former Goldman Sachs Group Inc banker Roger Ng. was extradited on May 3 to New York from Kuala Lumpur, where he had been jailed since November. He pleaded not guilty to criminal charges at the Malaysian state investment fund 1MDB on May 6 2019.

U.S. Magistrate Judge Peggy Kuo, of U.S. District Court in Brooklyn, New York, allowed Ng, a Philippines citizen, to be released in exchange for a $20 million bond. He was fitted for an ankle bracelet, and will be staying at an undisclosed location in the New York City area that the court approved.
Tim Leissner, another former Goldman Sachs banker, and Malaysian financier Low Taek Jho have also been charged in the United States over 1MDB. Leissner has pleaded guilty.

[April 9 2019   Najib Razak on trial in Kuala Lampur   ]

9 Apr 19 Najib Razak made a brief court appearance in the first of many trials he faces over a multibillion-dollar scandal that toppled his government.

Proceedings at the Kuala Lumpur High Court were adjourned until next week when deliberations will begin in earnest to get to the truth about accusations against him linked to the state fund 1MDB.

[February 11 2019 1MDB scandal may cost Blankfein his bonus ]
duitjholo

On February 11, 2019, Najib Razak’s team of eight lawyers filed an application for the trial to be delayed, pending an appeal on a technical matter, and the court of appeal agreed unanimously to postpone. No new date for the trial has been set. There are 1MDB investigations taking place in 12 countries. “His behaviour fits with that broad pattern where you consolidate power at the expense of the ruling elite,” said Lee Morgenbesser, an expert on authoritarian governments at Australia’s Griffith University.

[February 2 2019]
The board of Goldman Sachs Group Inc said on February 2 it is withholding a bonus worth at least $7 million from former chief executive Lloyd Blankfein until investigations into the bank’s involvement in the 1MDB[1Malaysia Development Berhad] scandal are resolved. Blankfein received $20.5 million in annual compensation in 2018, down $3.5 million from 2017. It paid Chief Executive David Solomon $23 million in total compensation in 2018, a 9.5 percent jump from his 2017 compensation.

[  Mahathir Mohamad seeking to arrest financier Low Taek Jho   ]

U.S. investigators have accelerated their probe into the 1MDB sovereign wealth fund set up by former Malaysian Prime Minister Najib Razak and are exchanging more evidence with Malaysian authorities since Najib lost last month’s election, While U.S. prosecutors have considered the possibility of charging Najib or his associates, they would prefer Malaysia be the one to file criminal charges against any Malaysian official. Najib’s successor, Prime Minister Mahathir Mohamad, said Malaysia was also seeking to arrest financier Low Taek Jho, a central figure in the scandal who advised on investments and negotiated deals for 1MDB

[May 18    Many Malaysian economic figures are false – new Prime Minister   ]

Najib Razak’s coalition [former Malaysian prime minister] secured only 79 of Malaysia’s 222 parliamentary seats while Anwar Ibrahim’s People’s Justice Party (PKR) won 50 seats. An alliance between the two could have secured Najib’s return to power. “From my discussion with the PM (92-year-old Mahathir Mohamad) this morning, that seems to be the sentiment … we will have to deliver,” he said.

“I have given that message. We don’t want UMNO 2.0.” United Malay National Organisation (UMNO) used race-based politics and patronage system.

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In response to a request for a fresh forecast on Malaysia’s economic growth, Malaysian Prime Minister Mahathir Mohamad said on Thursday, May 17, “Regarding the numbers indicating our financial position, I realize many of these figures are false.” Leave aside …some hundred billion of missing ringgit on his watch.
Malaysia’s economy continues to perform strongly, with higher than anticipated growth at 5.8 percent in 2017, and projected growth of 5.3 percent for 2018, according to the IMF.

Malaysia ranks 25th in oil ptoduction; the first quarter of 2018 witnessed the strongest year-over-year increase in global oil demand in seven years.

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Police entered the house of Former Malaysian prime minister Najib Razak late on Wednesday, May 16, an extraordinary scene that thousands watched unfold as it was streamed live.
Najib tried to leave the country Saturday, May 12, apparently for Indonesia. The search covered the prime minister’s office and a residence he had used, as well as two apartments owned by his family. The government’s immigration department said they were blacklisted from leaving Malaysia.
Najib may soon face increased government scrutiny over he created a state fund called 1MDB, 1Malaysia Development Berhad. The fund sent hundreds of billions of dollars in Najib’s personal accounts, prompting investigations in the U.S., Switzerland and Singapore. The country’s attorney general tried to issue an arrest warrant for Najib three years ago, the prime minister fired him.

The US Department of Justice (DOJ) alleges that about US$4.5 billion was misappropriated from 1MDB, which was founded by Mr Najib

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