U.S. investment bank Goldman Sachs criminal case for misappropriation involving $6.5 billion 1Malaysia Development Berhad (1MDB) bonds was postponed to September 30th, 2019. The defense asked for more time in order to settle on facts and gain more information from their clients abroad. Malaysian prosecutors have summoned three units of Goldman Sachs in the United Kingdom, Hong Kong, and Singapore. An estimate of $4.5 billion raised by Goldman Sachs is believed to have been misappropriated from 1MDB between 2009 and 2014 as per The U.S. Department of Justice. While, Goldman Sachs (Asia) LLC, based in Hong Kong received summon last week, summons issued to the bank unit in Singapore was incomplete.
Lawyer Hisyam Teh stated “Under such circumstances, we ask for another date so that we will have enough time to take instructions from our clients,” as reported
Bank denied all the charges and said the certain members of the former Malaysian Government and 1MDB had misled them over usage of bond sales.
The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base. To learn more about The Goldman Sachs Group, Inc. and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. Coverage Page.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Stay Informed! Stay Competitive! Sign Up to receive FREE email updates here!