Malaysia to move Goldman's 1MDB case to High Court

Pedro Gonçalves
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Malaysia to move Goldman's 1MDB case to High Court

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

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.

Goldman Sachs Group Inc faces criminal charges involving $6.5bn worth of bonds related to 1Malaysia Development Berhad (1MDB). It is looking to help return money to Malaysia as a way to resolve the predicament.

We’re looking to put it behind us and get the Malaysian people the money that they deserve"

"We're looking to put it behind us and get the Malaysian people the money that they deserve," Goldman Sachs president and chief operating officer John Waldron said in a Bloomberg Television interview on Wednesday.

"We're focused on getting it behind us and resolving it in an appropriate manner," Waldron said. "We want the Malaysian people to be taken care of."

Malaysia charged Goldman in December 2018 for its role in underwriting and arranging bond sales. Last month, local authorities expanded efforts to prosecute Goldman Sachs employees it alleges were involved in the 1MDB fraud, filing criminal charges against more than a dozen current and former senior executives based around the world.

Law-enforcement agencies in the US and Singapore are also investigating the money trail for billions of dollars that were allegedly siphoned off.

The country is seeking fines in excess of the $2.7bn allegedly misappropriated and the return of $600m that Goldman made from the bond deal. The case involves Goldman Sachs (Asia), Goldman Sachs International (UK) and Goldman Sachs (Singapore).

In a separate case, Malaysia has 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.

 

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