The Malaysia Scandal Is Starting to Look Dire for Goldman Sachs
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Singapore to Expand 1MDB Criminal Probe to Include Goldman
Singapore has expanded a criminal probe into fund flows linked to scandal-plagued 1MDB to include Goldman Sachs Group Inc., which helped raise money for the entity, people with knowledge of the matter said.
Police in the city-state had been examining Goldman’s relationship with the Malaysian state investment company since at least late 2017, but until recently the firm’s local unit itself wasn’t a focus of any investigation, said the people, asking not to be named discussing sensitive information. Authorities are trying to determine whether some of the roughly $600 million in fees from the three bond deals Goldman arranged for 1MDB from 2012 to 2013 flowed to the Singapore subsidiary, they said.
Singapore’s widened probe opens a potential new battle front for Goldman less than a week after Malaysia filed the first criminal charges against the firm over a relationship that spawned one of the biggest scandals in its history. Singapore is coordinating closely with the U.S. Justice Department, which is also investigating Goldman and has filed criminal charges against two former senior bankers at the firm, the people said.
Singapore has been clamping down on firms and individuals embroiled in the 1MDB scandal, revoking the licenses of two Swiss private banks and jailing several people, but this is its first criminal investigation of a company in the matter.
If you cannot dazzle them with brilliance, baffle them with bullshit WC Fields
Warning DO NOT CLICK HERE!
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Goldman Sachs Should Stop Pleading Innocence And Start Signing Cheques
Sarawak Report has long argued that the narrative that banks, together with Najib and all his cohorts, were somehow ‘fooled’ by Jho Low would not wash. Despite years of seemingly proving they could, Goldman Sachs and others cannot in this case expect to have their cake and eat it.
They took the money, they knew they took the money and they cannot but have known they ought not to have taken the money.
Everyone can see it, which is why since the high point just before the May election shares in this bank have fallen from USD 273 to USD 160 this weekend – a staggering 41%!
Goldman Sachs ended the pre-holiday week not just facing an escalated demand from Malaysia’s Attorney General for a repayment of $7.5 billion in damages over those 1MDB bonds plus the escalation of criminal probes, this time emanating from Singapore, it was also facing a newly minted class action from shareholders furious that failures of basic due dilligence (or honest practice, take your pick) had almost halved the value of their investment, owing to that plunging share price.
The comments on this site are interesting (people are angry, some are over the top)
If you cannot dazzle them with brilliance, baffle them with bullshit WC Fields
Warning DO NOT CLICK HERE!
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