Malaysia: Goldman’s 1MDB case postponed until Sep 30
The Magistrate’s Court of Malaysia on June 24 fixed September 30 for the criminal case against US investment bank Goldman Sachs’s issuance of bonds involving 6.5 billion USD related to the 1 Malaysia Development Berhad (MDB) investment fund.
Goldman Sachs in London (Photo: AFP/VNA)Kuala Lumpur (VNA) – The Magistrate’s Court of Malaysia on June 24 fixed September 30 for the criminal case against US investment bank Goldman Sachs’s issuance of bonds involving 6.5 billion USD related to the 1 Malaysia Development Berhad (MDB) investment fund.
The decision was made after defence lawyers asked for more time to receive instructions from their clients abroad.
Malaysian prosecutors had previously issued summonses to three Goldman Sachs units in the UK, Hong Kong and Singapore, requiring them to respond to the criminal charges filed against them.
Lawyer Hisyam Teh Poh Teik, who represented Goldman Sachs, said that the defence team received three summonses while another was incomplete for the four charges against Goldman Sachs units.
Under such circumstances, the Goldman Sachs’ lawyers asked for three months so that they will have enough time to take instructions from their clients.
Last December, Malaysian prosecutors had filed charges against the three Goldman Sachs units for misleading investors by making untrue statements and omitting key facts in relation to bond issues that the bank had arrange for 1MDB.
The US Department of Justice estimates 4.5 billion USD was misappropriated from 1MDB between 2009 and 2014, including some of the funds that Goldman Sachs helped raise.
Malaysia has said it was seeking up to 7.5 billion USD in reparations from Goldman over its dealings with 1MDB, set up in 2009 by then PM Najib Razak. Najib, who lost a general election last year, is facing 42 criminal charges related to losses at 1MDB and other state entities.
Malaysia set up a special task force to investigate the 1MDB scandal with the support of the US, Switzerland, Singapore, Canada and several other countries.-VNA
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