Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Charged With 1MDB Scandal, Goldman Sachs Says Former Malaysia Govt Lied

Goldman said in a statement that certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of proceeds from these transactions.

AFP

Updated:December 18, 2018, 9:03 AM IST
facebookTwitterskypewhatsapp
Charged With 1MDB Scandal, Goldman Sachs Says Former Malaysia Govt Lied
Representational Photo
Loading...

Kuala Lumpur: Goldman Sachs on Tuesday accused the former Malaysian government and state fund 1MDB of lying to the bank, after Kuala Lumpur charged the Wall Street titan over a massive financial scandal.

Malaysia's attorney-general Monday filed criminal charges against the US bank and two of its ex-employees over the alleged looting of 1MDB.

Billions of dollars were allegedly stolen from the fund and used to buy everything from yachts to artwork, in an audacious fraud that involved former Malaysian leader Najib Razak and contributed to his government's shock defeat at May elections.

Goldman has faced mounting questions about its role as the bank helped 1MDB raise USD 6.5 billion through a series of bond issues.

Monday's charges allege the bank's subsidiaries and the two ex-bankers, working with a shadowy Malaysian financier, misappropriated USD 2.7 billion, bribed officials and gave false statements as they helped 1MDB to raise the cash.

But Goldman said in a statement that "certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of proceeds from these transactions."

"1MDB, whose CEO and board reported directly to the prime minister at the time, also provided written assurances to Goldman Sachs for each transaction that no intermediaries were involved," it said.

The Malaysian financier named in the charges, Low Taek Jho, allegedly masterminded the fraud and had huge influence over 1MDB but held no official positions at the fund.

He has been hit with several rounds of charges but maintains his innocence.

The ex-Goldman bankers named in the charges are Tim Leissner, who worked as Southeast Asia chairman and managing director at Goldman, and Ng Chong Hwa, a managing director at the bank.

The bank added that it was "not afforded an opportunity to be heard prior to the filing of these charges against certain Goldman Sachs entities, which we intend to vigorously contest".

Malaysian authorities are seeking fines above the USD 2.7 billion allegedly misappropriated from the bond issues as well as the USD 600 million Goldman earned in fees, and long jail terms for those accused.

As well as Leissner, Ng and Low, Malaysian authorities charged former 1MDB employee Jasmine Loo Ai Swan.

The bank's shares fell 2.7 per cent Monday after the charges were announced.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
 
 

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results