Goldman Says Former Malaysia Govt Lied, After Charges Filed
Umer Jamshaid Published December 18, 2018 | 02:27 PM
Goldman Sachs on Tuesday accused the former Malaysian government and state fund 1MDB of lying to the bank, after Kuala Lumpur charged the Wall Street titan over a massive financial scandal.
Kuala Lumpur, (APP - UrduPoint / Pakistan Point News - 18th Dec, 2018 ) :Goldman Sachs on Tuesday accused the former Malaysian government and state fund 1MDB of lying to the bank, after Kuala Lumpur charged the Wall Street titan over a massive financial scandal.
Malaysia's attorney-general Monday filed criminal charges against the US bank and two of its ex-employees over the alleged looting of 1MDB.
Billions of Dollars were allegedly stolen from the fund and used to buy everything from yachts to artwork, in an audacious fraud that involved former Malaysian leader Najib Razak and contributed to his government's shock defeat at May elections.
Goldman has faced mounting questions about its role as the bank helped 1MDB raise $6.5 billion through a series of bond issues.
Monday's charges allege the bank's subsidiaries and the two ex-bankers, working with a shadowy Malaysian financier, misappropriated $2.7 billion, bribed officials and gave false statements as they helped 1MDB to raise the cash.
But Goldman said in a statement that "certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of proceeds from these transactions.
" "1MDB, whose CEO and board reported directly to the prime minister at the time, also provided written assurances to Goldman Sachs for each transaction that no intermediaries were involved," it said.
The Malaysian financier named in the charges, Low Taek Jho, allegedly masterminded the fraud and had huge influence over 1MDB but held no official positions at the fund.
He has been hit with several rounds of charges but maintains his innocence.
The ex-Goldman bankers named in the charges are Tim Leissner, who worked as Southeast Asia chairman and managing director at Goldman, and Ng Chong Hwa, a managing director at the bank.
The bank added that it was "not afforded an opportunity to be heard prior to the filing of these charges against certain Goldman Sachs entities, which we intend to vigorously contest".
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From World
-
Microsoft expands its AI empire abroad
7 minutes ago -
China ready to work with Pakistan to promote practical cooperation under CPEC, GDI: Luo Zhaohui
7 minutes ago -
Nuggets push Lakers to brink as Embiid's 50 points lead Sixers over Knicks
17 minutes ago -
Man City in title groove as Arsenal face Spurs test
17 minutes ago -
Philippine settlement submerged by dam reappears due to drought
17 minutes ago -
ByteDance says 'no plans' to sell TikTok after US ban law
57 minutes ago
-
Oil: 'Mother of corruption' in Venezuela
57 minutes ago -
ECO General Secretary urges member nations to embrace cultural wealth
57 minutes ago -
China warns Blinken over deteriorating ties in talks
1 hour ago -
Famine-threatened Sudan's 'race against time' to plant crops
1 hour ago -
Microsoft, Google earnings shine as AI drives revenue
2 hours ago -
Man City crush Brighton to close gap on Arsenal in title race
2 hours ago