[ad_1]
KUALA LUMPUR: The High Court today acquitted and dismissed UK-based Goldman Sachs International Ltd and its two Asian entities, Goldman Sachs (Asia) LLC and Goldman Sachs (Singapore), on charges related to the sale of 1Malaysia bonds Development Berhad (1MDB) worth RM27.2 billion (US $ 6.5 billion).
Judge Mohamed Zaini Mazlan made the decision after Deputy Prosecutor Datuk Masri Mohd Daud informed the court that the prosecution did not intend to press charges against all defendants, and therefore requested to drop all charges against Goldman Sachs.
“Therefore, Goldman Sachs International Ltd, Goldman Sachs (Asia) LLC and Goldman Sachs (Singapore) are released, which amounts to an acquittal of all four charges brought against them,” said Judge Mohamed Zaini.
Attorney Hisyam Teh Poh Teik, who represents Goldman Sachs, had previously asked the court to issue an order for his clients to be released, equivalent to the acquittal of all charges.
The prosecution did not object.
On February 24, Goldman Sachs through its representative Ng Keng Leong pleaded not guilty to the charges.
The case was scheduled for case management today and the hearing had previously been set to begin on November 9 of this year.
In December 2018, Malaysia filed four charges against the three entities for allegedly omitting material facts about the bond sales between a 1MDB subsidiary and Aabar Investment PJS Ltd (Aabar).
The crimes were allegedly committed at 1MDB, Level 8, Menara IMC, No. 8, Jalan Sultan Ismail here between March 19, 2012 and November 11, 2013.
The company was charged under Section 179 (c) of the Capital Markets and Services Act 2007 and punishable under Section 182 of the same Act, which provides for a prison sentence of up to 10 years and a fine of not less than RM1 million in case of conviction.
The United States Department of Justice estimated that between 2009 and 2014 about $ 4.5 billion of 1MDB was misappropriated.
On July 4, the Ministry of Finance (MoF) said that Goldman Sachs had agreed to a total settlement of US $ 3.9 billion (RM16.6 billion) to settle charges and pending claims related to the three bond transactions that the company had structured and arranged. 1MDB.
The Finance Ministry, in a statement, said the deal includes a cash payment of US $ 2.5 billion and a guarantee of a total recovery value of at least US $ 1.4 billion in assets that are traceable to diverted income. of the three bond transactions.
Meanwhile, Judge Mohamed Zaini has set September 10 to handle the case of former Goldman Sachs banker Roger Ng Chong Hwa, who faces four counts of complicity with Goldman Sachs on the same charges.
The court set the date after Masri said the prosecution did not intend to drop the charges against the 47-year-old defendant.
The court had set up further case management today to obtain the latest development on the status of Ng’s criminal charges in the US District Court, Eastern District of New York.
In May last year, Ng, who is represented by attorney Datuk Tan Hock Chuan, was extradited to the United States to face criminal charges by the United States Department of Justice in connection with the 1MDB scandal. –Named
[ad_2]
