I'm surprised that I haven't seen more about this in the news recently (or maybe I'm not watching the right news channels). The 1MDB scandal is not new but documents were just released in November that showed the extent of Goldman Sachs involvement in the illegal activity.
Tim Leissner, former Goldman Sachs partner and head of SE Asia, helped the PM of Malaysia and his cronies steal $2.7 billion from 1MDB Fund. He revealed some interesting things to authorities.
A former Goldman Sachs banker who helped orchestrate the looting of a multibillion-dollar Malaysian government investment fund told a federal judge that several other employees of the prestigious Wall Street firm had also been involved, according to a court filing unsealed Friday.
The banker, Tim Leissner, told the judge that he had “conspired with other employees and agents of Goldman Sachs” to keep compliance and legal department employees from discovering that bribes and kickbacks were being paid to help the bank secure more than $6 billion in bond work for the investment fund, 1Malaysia Development Berhad.
During his guilty plea in August, Mr. Leissner also said that his decision to hide his actions from Goldman’s compliance department was “very much in line” with a wider culture at the firm.
Hong Kong (CNN Business) Malaysia has filed criminal charges against Goldman Sachs over its dealings with a state investment fund at the heart of a multibillion-dollar corruption scandal.
The case relates to bond sales that Goldman Sachs (GS) arranged and underwrote for 1Malaysia Development Berhad (1MDB) in 2012 and 2013.
The US investment bank and four individuals — two of them former Goldman employees — are accused of "grave violations" of Malaysia's securities laws, Attorney General Tommy Thomas said in a statement Monday.
The Wall Street firm has become a central figure in a damaging scandal involving billions in missing money, Malaysia's former prime minister and a high-rolling financier with ties to Hollywood.
The US Justice Department alleges a total of $4.5 billion was stolen from 1MDB by senior officials. US officials claim that laundered funds were pumped into New York condos, hotels, yachts and a jet, and used to fund movies such as "The Wolf of Wall Street."
Thomas accused the bank and four individuals of misleading investors about the bond sales and fraudulently diverting $2.7 billion of the proceeds.
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