Money & Banking

Goldman Sachs pleads not guilty in 1MDB case

PTI Kuala Lumpur | Updated on February 24, 2020 Published on February 24, 2020

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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Published on February 24, 2020
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