Malaysia seeks $7.5bn damages from Goldman over 1MDB scandal

Source: The Guardian

Reuters

Fri 21 Dec 2018 09.38 GMT

Malaysia is seeking $7.5bn (£5.9bn) in reparations from Goldman Sachs over its dealings with the scandal-linked state fund 1MDB, the Financial Times reported [£].

Bloomberg also reported that Singapore has expanded its criminal investigation of 1MDB to include Goldman Sachs, in a sign of increasing scrutiny on the bank’s role in the suspected multibillion-dollar money laundering scheme.

Malaysian prosecutors this week filed charges against Goldman Sachs in connection with its role as underwriter and arranger of three bond sales that raised $6.5bn for 1Malaysia Development Berhad (1MDB), the first criminal action against the US bank over the scandal.

Goldman Sachs has consistently denied wrongdoing and said certain members of the former Malaysian government and 1MDB lied to the bank about proceeds of the bond sales.


Read more: https://www.theguardian.com/business/2018/dec/21/malaysia-seeks-75bn-damages-from-goldman-over-1mdb-scandal