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Malaysia says Goldman Sachs failed to disclose key facts in 1MDB bond sales
Source: Reuters
BUSINESS NEWS DECEMBER 18, 2018 / 5:11 AM / UPDATED 2 HOURS AGO
Malaysia says Goldman Sachs failed to disclose key facts in 1MDB bond sales
KUALA LUMPUR (Reuters) - Goldman Sachs Group Inc (GS.N) made untrue statements and omitted key facts in offering circulars for the bonds it sold for Malaysian state fund 1MDB, the Malaysian government said in criminal charges against the U.S. bank.
Malaysia on Monday filed the charges in Kuala Lumpur against three Goldman Sachs units in connection with the bank’s role as underwriter and arranger of three bond sales that raised $6.5 billion for 1MDB.
The charges were the first criminal action against the bank over its involvement in the scandal, which the U.S. Justice Department has estimated involved the misappropriation of $4.5 billion by high-level 1MDB fund officials and their associates between 2009 and 2014.
Malaysian authorities charged the Goldman units as well as former Goldman partner Tim Leissner, 1MDB employee Jasmine Loo and Jho Low, the Malaysian financier believed to be at the heart of the scandal, as part of their investigation into suspected corruption and money laundering at 1MDB, founded by former Malaysian prime minister Najib Razak.
-snip-
Malaysia says Goldman Sachs failed to disclose key facts in 1MDB bond sales
KUALA LUMPUR (Reuters) - Goldman Sachs Group Inc (GS.N) made untrue statements and omitted key facts in offering circulars for the bonds it sold for Malaysian state fund 1MDB, the Malaysian government said in criminal charges against the U.S. bank.
Malaysia on Monday filed the charges in Kuala Lumpur against three Goldman Sachs units in connection with the bank’s role as underwriter and arranger of three bond sales that raised $6.5 billion for 1MDB.
The charges were the first criminal action against the bank over its involvement in the scandal, which the U.S. Justice Department has estimated involved the misappropriation of $4.5 billion by high-level 1MDB fund officials and their associates between 2009 and 2014.
Malaysian authorities charged the Goldman units as well as former Goldman partner Tim Leissner, 1MDB employee Jasmine Loo and Jho Low, the Malaysian financier believed to be at the heart of the scandal, as part of their investigation into suspected corruption and money laundering at 1MDB, founded by former Malaysian prime minister Najib Razak.
-snip-
Read more: https://www.reuters.com/article/us-malaysia-politics-1mdb-goldman/malaysia-says-goldman-sachs-failed-to-disclose-key-facts-in-1mdb-bond-sales-idUSKBN1OH0WC