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16 December 2019

Goldman Sachs 1MDB case moved to higher court

Goldman’s units are accused of misleading investors when arranging $6.5 billion of bond sales for troubled state fund 1MDB while allegedly knowing the funds would be misused.

Goldman Sachs/Bloomberg

Two Goldman Sachs Group units facing criminal charges for their alleged role in the 1MDB scandal had their cases moved to a higher court in Malaysia, reported Bloomberg.

The High Court approved the transfer from the Magistrate’s Court for the charges against Goldman Sachs (Asia) and Goldman Sachs International (UK). The petition to transfer the case against a third unit, Goldman Sachs (Singapore), is still pending and will be reviewed at another hearing on 26 December 2019.

Malaysia’s Attorney-General’s Chambers told prosecutors to transfer the case to a higher court in September 2019 without specifying the reasons, though normally such a move relates to the seriousness of the case.

The US bank is said to have been in talks with authorities in Malaysia and the US in a bid to put the 1MDB scandal behind it. Negotiators for the Southeast Asian country have discussed figures of around $2 billion to $3 billion in talks with the Wall Street bank.

The transfer to the High Court of the case against the Goldman Singapore unit was delayed as the summons received by the US bank did not include all of the charges, said Aaron Paul Chelliah, the Deputy Public Prosecutor.






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