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Kuala Lumpur, September 5, 2020 (AFP): Malaysia dropped criminal charges against Goldman Sachs for its role in the 1MDB scandal, a lawyer for the bank said on Friday (September 4).
Billions of dollars were looted from the sovereign wealth fund 1Malaysia Development Berhad in a fraud involving former Prime Minister Najib Razak and his cronies around the world.
The money was used to buy everything from expensive artwork to real estate and a huge luxury superyacht.
Goldman’s role came under scrutiny for bond issues totaling $ 6.5 billion that helped organize the investment vehicle, with Malaysia claiming that large amounts were misappropriated during the process.
Authorities previously went after everyone involved in the scandal and brought charges against the Wall Street titan, but state news agency Bernama reported that prosecutors told a Kuala Lumpur court that they no longer intended to prosecute them.
Hisyam Teh, a lawyer for the bank, confirmed to AFP that acquittal orders were granted.
Goldman last month paid Malaysia $ 2.5 billion as part of a deal over its role in the scandal, with the guarantee that at least $ 1.4 billion in assets acquired with embezzled funds would be recovered.
Prime Minister Muhyiddin Yassin said Malaysia would receive a total of $ 4.5 billion, along with 1MDB-linked funds already returned from the United States.
Najib, who was ousted in the 2018 polls in part due to public anger over the scandal, was jailed for 12 years in July after the first of several trials linked to 1MDB. He remains free on bail while he appeals. – AFP
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