Malaysia charges Goldman Sachs for allegedly misappropriated the fund

June 18, 2020 Asia, Business, Recent News Leave a comment 761 Views

Goldman Sachs Group Inc. signage is displayed on the floor of the New York Stock Exchange in New York, U.S., on Thursday, June 2, 2011. U.S. stocks retreated, a day after the biggest slump for the Standard & Poor’s 500 Index since August, as investors awaited the Labor Department’s monthly report on employment in the world’s largest economy. Photographer: Jin Lee/Bloomberg via Getty Images

Malaysia prosecutors will charge against three Goldman Sachs units as it allegedly misappropriated the fund.

The US bank is accused of misleading investors when it made US$ 6.5 billion of bond sales for 1MDB with acknowledging that the fund would be diverted. Prosecutors are seeking fines in over US $2.7 billion diverted from the proceeds, and the return of US $600 million received by Goldman.

1MDB is a centre of global investigations. The United Stated prosecutors accused that US $4.5 billion was gained from the Malaysia investment fund.

The breaking news has put a bomb in the Malaysia politics. It also raised lifetime bans against Goldman bankers like Andrea Vella and Tim Leissner in the financial industry.

Malaysia charges Goldman Sachs for allegedly misappropriated the fund

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