Malaysia to summon two Goldman Sachs units linked to 1MDB scandal
Malaysian prosecutors said on March 18 that they would summon representatives of two units of US Investment Bank Goldman Sachs in London and Hong Kong to appear at a June hearing of a case linked to corruption in state investment fund 1MDB.
Kuala Lumpur (VNA) – Malaysian prosecutors said on March 18 that theywould summon representatives of two units of US Investment Bank Goldman Sachsin London and Hong Kong to appear at a June hearing of a case linked tocorruption in state investment fund 1MDB.
Prosecutor Aaron PaulChelliah told reporters that fresh summonses will be served on the bank's HongKong and London offices ahead of the next pre-trial hearing on June 24.
Soon after beingelected in May 2018, the new government charged three units of Goldman Sachsfor misleading investors by making untrue statements and omitting key facts inrelation to bond issues totaling 6.5 billion USD for state fund 1MalaysiaDevelopment Berhad (1MDB).
However, on March 18, onlythe Singapore unit of Goldman Sachs appeared at a pre-trial hearing in a KualaLumpur court as a respondent.
On December 17, 2018,Malaysia filed criminal charges against Goldman Sachs and two of the US bank'sformer employees Tim Leissner and Ng Chong Hwa.
According to AttorneyGeneral Tommy Thomas, the charges arise from the commission and abetment offalse or misleading statements by all the accused in order to dishonestlymisappropriate 2.7 billion USD from the proceeds of three bonds issued by thesubsidiaries of 1MDB, which were arranged and underwritten by Goldman Sachs.
After assuming power,Prime Minister Mahathir Mohamad declared to give priority to addressingcorruption and taking back losses of the 1MDB fund that was established byformer PM Najib Razak in 2009.
Najib has been accusedof involving in the loss of billions of USD in the bank’s transactions withforeign partners. He has pleaded not guilty.
The MalaysianGovernment set up a special task force to investigate the fund with the supportfrom the US, Switzerland, Singapore, Canada, and other related countries.-VNA
Malaysian Minister of Finance Lim Guan Eng wants Goldman Sachs to pay 7.5 billion USD in reparations over its dealings with scandal-hit state fund 1MDB, a report said on December 21.
The Sessions Court of Kuala Lumpur decided on January 4 that a joint trial will be held for both former Malaysian Prime Minister Najib Razak and former 1Malaysia Development Bhd (1MDB) CEO Arul Kanda Kandasamy for allegedly tampering a 1MDB audit report.
A Malaysian court declined to grant bail on January 7 to Ng Chong Hwa, former leader of the US’ Goldman Sachs multinational investment bank, who faces charges related to suspected money laundering of funds siphoned off from Malaysia's State investment fund 1Malaysia Development Berhad (1MDB).
Malaysia on January 29 announced a five-year plan to intensify control over corruption in Government agencies after a multi-billion-USD graft scandal brought down the previous administration.
Malaysia has issued an arrest warrant for Paul Stadlen, a British citizen who worked for former Prime Minister Najib Razak as a media adviser, for money laundering charges, a prosecutor said on February 21.
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Illustrative image (Source: Sabi News) 
