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Three units of Goldman Sachs pleaded not guilty on Monday in Malaysia over the investment bank’s alleged role in the multi-billion-dollar scandal at the country’s sovereign wealth fund 1MDB. Huge sums were allegedly looted from the Malaysian fund in a globe-spanning fraud, which reportedly involved ex-leader Najib Razak and his inner circle.
Goldman’s role has been under scrutiny as it helped arrange a series of bond issues worth $6.5 billion for the investment vehicle. In 2018, Malaysia filed charges against the units – Goldman Sachs International, Goldman Sachs (Asia), and Goldman Sachs (Singapore).
They were accused of giving false statements that led to large sums being misappropriated in relation to the bond issues.
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