NEW YORK: The head of Goldman Sachs defended the investment bank's handling of the scandal-plagued Malaysian fund 1MDB on Friday (Dec 21), saying much criticism of the financial giant was unfair. A shot of the New York headquarter of Goldman Sachs, whose new CEO defended the company over the 1MDB scandal in Malaysia AFP/SPENCER PLATT "I cannot stress enough how integrity is a cornerstone of our culture," newly-installed Chief Executive David Solomon said in a year-end message to employees. He stressed that the bank was working with authorities to bring to justice the culprits behind a scandal that has roiled Malaysia. Goldman helped 1MDB to issue US$6.5 billion of bonds but Kuala Lumpur accuses the bank and its former employees of misappropriating US$2.7 billion during the process. Malaysia on Monday filed criminal charges against Goldman Sachs and two of its former employees over the alleged theft of funds used to buy everything from yachts to artwork. The fraud that … [Read more...] about Goldman Sachs CEO defends bank in 1MDB scandal
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Malaysia files criminal charges against Goldman Sachs in 1MDB probe
Illustrative image (Source: VNA) Kuala Lumpur (VNA) - Malaysia said on December 17 that the country has filed criminal charges against Goldman Sachs and two of the US bank's former employees in connection with a corruption and money laundering probe at state fund 1MDB. Goldman Sachs has been under scrutiny for its role in helping raise funds through bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of investigations in several countries. Malaysia's Attorney General Tommy Thomas said criminal charges under the country's securities laws were filed on December 17 against Goldman Sachs, its former bankers Tim Leissner and Roger Ng, former 1MDB employee Jasmine Loo and financier Low Taek Jho in connection with the bond offerings. According to Attorney General Thomas, the charges arise from the commission and abetment of false or misleading statements by all the accused in order to dishonestly misappropriate 2.7 billion USD from the proceeds of three bonds … [Read more...] about Malaysia files criminal charges against Goldman Sachs in 1MDB probe
Former Malaysian PM accused of tampering with 1MDB final audit report
Former Malaysian Prime Minister Najib Razak (centre). (Photo: AFP/VNA) Hanoi (VNA) – Former Malaysian Prime Minister Najib Razak was taken to court on December 12 to face charges that he tampered with the final audit report into the scandal-hit state investment fund 1Malaysia Development Berhad (1MDB). Najib was accused of using his position as prime minister to order the then Auditor-General to remove certain matters from the report. It is the latest in a string of charges against him in relation to the scandal. Taken to the court this time together with the Malaysian former PM was former 1MDB president Arul Kanda Kandasamy who faces same charges. Two days ago, Najib was arrested by the MACC, minutes after he arrived at the MACC headquarters for a fresh round of questioning over 1MDB-related issues. He was then freed on a bail. On November 25, Auditor-General Tan Sri Madinah Mohamad revealed that the final audit report on 1MDB had been tampered with and the matters … [Read more...] about Former Malaysian PM accused of tampering with 1MDB final audit report
US Justice official pleads guilty in 1MDB lobbying case
George Higginbotham, 46, admitted to lying to US banks while transferring tens of millions of dollars to fund a lobbying campaign on behalf of Low Taek Jho - the 1MDB affair's alleged mastermind. Low Taek Jho, commonly known as Jho Low, is accused by the US Justice Department of conspiring to launder billions of dollars from the state fund 1MDB and bribing officials in Malaysia and Abu Dhabi. (AFP/MANAN VATSYAYANA) NEW YORK: A former official at the US Justice Department on Friday (Nov 30) pleaded guilty to banking violations as part of an attempt to lobby against American authorities' pursuit of Malaysia's scandal-tarred 1MDB investment fund, the Justice Department announced. George Higginbotham, 46, admitted to lying to US banks while transferring tens of millions of dollars to fund a lobbying campaign on behalf of Low Taek Jho - the 1MDB affair's alleged mastermind. Federal prosecutors in August charged the fugitive financier Low, also known as Jho Low, with eight counts … [Read more...] about US Justice official pleads guilty in 1MDB lobbying case
Jho Low denies wrongdoing after US charges over 1MDB scandal
KUALA LUMPUR: The Malaysian financier at the centre of a corruption scandal surrounding state fund 1Malaysia Development Berhad (1MDB) maintained his innocence Friday (Nov 2) after the United States unveiled criminal charges against him and two ex-Goldman Sachs bankers. Fugitive businessman Low Taek Jho. (Photo: Facebook/Jho Low) Low Taek Jho, commonly known as Jho Low, and the former bankers were accused by the US Justice Department of conspiring to launder billions of dollars from the fund and bribing officials in Malaysia and Abu Dhabi. Low allegedly played a central role in plundering 1MDB. He was an associate of Malaysia's former leader Najib Razak, whose government lost power in May in large part due to allegations that the then premier was involved in the vast fraud. Since being ousted, Najib has been hit with a barrage of charges linked to the scandal. READ: What has Jho Low been charged with? US documents reveal extent of '1MDB fraud' A spokesman for 36-year-old Low, … [Read more...] about Jho Low denies wrongdoing after US charges over 1MDB scandal