Font Size
Share this article

Print Friendly Version
30 September 2019

Malaysia considering moving Goldman’s 1MDB case to a higher court

The Malaysian authorities will apply to transfer the case to the High Court from a magistrate court on 22 October 2019.


Malaysia is seeking to move the 1MDB-linked case against Goldman Sachs Group to a higher court, reportedBloomberg.

Aaron Paul Chelliah, a Malaysian prosecutor, said that the order came from the Attorney-General’s Chambers, which did not specify its reasons, adding that such a move is usually due to the seriousness of the case.

Units of the US lender face criminal charges of misleading investors when arranging $6.5 billion of bond sales for state fund 1MDB while allegedly knowing that the funds would be misused. Malaysia is seeking fines in excess of the $2.7 billion allegedly misappropriated and the return of $600 million that Goldman made from the bond deal.

The case involves Goldman Sachs (Asia), Goldman Sachs International (UK) and Goldman Sachs (Singapore).

The case has progressed slowly as Malaysia had struggled to serve criminal charges against the US bank’s units overseas. In June 2019, prosecutors said that they had completed serving the charges, while Goldman said the charges were incomplete.

Hisyam The, Goldman Sachs’ lawyer, said that the matter wasn’t discussed in court.

Additionally, Malaysia also announced charges against 17 current and former Goldman executives around the world. They were directors of the three Goldman units involved in the bond sales.

John Waldron, Goldman Sachs’ President and COO, said that the US bank is seeking to resolve its entanglement with the 1MDB scandal and get the Malaysian people the money that they deserve.

“We’re focused on getting it behind us and resolving it in an appropriate manner,” said Waldron.





CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.

Subscribe to our News Letter


© 2019 CPI Financial. All rights reserved.

No part of this website may be reproduced or used in any form of advertising without prior permission in writing from the editor.