The 1MDB saga reaches Goldman Sachs


IN 2010 GOLDMAN SACHS created a “business standards” committee to try to repair the reputational damage the financial crisis had done. Clients and transactions were to be screened for ethical shortcomings. Charges of money-laundering and bribery filed by federal prosecutors in a Brooklyn court on November 1st suggest that the investment bank had diagnosed a real problem, if not found the solution.

The allegations relate to work done by Goldman for 1Malaysia Development Berhad (1MDB), a sovereign-wealth fund set up in 2009, shortly after Najib Razak became Malaysia’s prime minister. Since 2015 investigators in various countries, including America, Singapore, Switzerland and latterly Malaysia itself, have been trying to trace the money it raised and channelled through a maze of financial institutions and shell companies. According to the filing in New York, funds were misappropriated to buy paintings, luxury properties and jewellery (including a necklace costing $ 27m), and to…

Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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