By Peter Symonds
22 December 2018
Malaysian authorities on Monday filed criminal charges against the giant US investment bank, Goldman Sachs, over its involvement in the scandal surrounding the 1Malaysia Development Berhad, or 1MDB investment fund. Goldman Sachs received a massive $US600 million in fees—far higher than usual—for raising $6.5 billion in bonds and allegedly turning a blind eye to the corrupt use of the money.
Finance Minister Lim Guan Eng said that Malaysia would be seeking $7.5 billion in reparations as the proceeds from the sale of three bonds in 2012 and 2013 “were not used for national development but was siphoned out.” Another $1 billion in damages would be sought to cover the fees and bond coupons that were issued “higher than the market rate.”
Categories: The Muslim Times