1MDB: Malaysia v. Goldman Sachs

25 February, 2020

1mdb

Three arms of Goldman Sachs reportedly pleaded not guilty February 24 2020 in Kuala Lumpur after a judge read out the charges related to the bank’s alleged role in raising $6.5 billion in bond sales for the state-backed fund 1Malaysia Development Berhad.

[October 23 2019]
Screenshot 2019-10-23 at 10.57.07 AM - Edited

Malaysia’s finance minister said the government would be ready to discuss dropping the charges against Goldman if it agreed to pay $7.5 billion in reparations. Goldman has not commented on any figure but said last year it had set aside $1.8 billion to cover potential losses related to 1MDB legal proceedings.

Malaysian Prime Minister Mahathir Mohamad was keen to reach a deal with Goldman this year itself as the government grapples with a high debt burden.

[September 19 2019]
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It is the 10th day of the 1MDB trial in Malaysia (Sept 19). the DoJ has not yet brought criminal charges againstGoldman Sachs.
[August 9 2019]
Malaysia filed criminal charges against 17 current and former directors of Goldman Sachs Group Inc. in a case linked to 1MDB.
Those charged include Goldman Sachs Group Vice-Chairman Richard J. Gnodde, who served as co-chief executive officer at Goldman Sachs International, and Brian Griffiths, once an adviser to former U.K. Prime Minister Margaret Thatcher. John Michael Evans, who retired from the U.S. bank to become president of Alibaba Group Holding Ltd., was also charged.
Other Goldman directors charged include Michael Sydney Sherwood, Robin Antony Vince and Claes Ake Gustaf Dahlback from Goldman Sachs International; and Goh Boon Leng and Liow Chang Lee from Goldman Sachs (Singapore) Pte.
Ten Goldman Sachs (Asia) LLC officials were also charged, including Dimitrios Kavvathas, John Michael Evans, Amol Sagun Naik, Keith Leslie Hayes, Richard Mark Campbell-Breeden, Ronald Suk Bae Lee, Archie William Parnell, Frederick Towfigh, Matthew Thayer Freemont-Smith and Oliver Robert Morgan Bolitho. The charges say the Goldman Sachs units omitted material facts in the bond offerings, among them that Malaysian financier Low Taek Jho was the operator and key intermediary for 1MDB.    Three subsidiaries charged: Goldman Sachs International, Goldman Sachs (Asia) LLC and Goldman Sachs (Singapore) Pte.
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