“Goldman Has Fallen Short of Any Standard” as It Faces $3.3bln Fines from Malaysia
Goldman Sachs, an American multinational investment bank and financial services company, faces criminal charges and up to 3.3bln. fines from Malaysia's government.
Monday, December 17, 2018, Malaysia has filed criminal charges against Goldman Sachs and its former employees who are related in this money laundering probe at Malaysian state fund 1MDB (1Malaysia Development Bhd).
Attorney General Tommy Thomas said that the government will seek fines well in excess of both the $2.7 billion of allegedly misappropriated funds and the $600 million fees from three bond offerings to help raise $6.5 billion for 1MDB, and also up to 10 years jail term for each individual in this scheme.
“Having held themselves out as the pre-eminent global adviser/arranger for bonds, the highest standards are expected of Goldman Sachs. They have fallen short of any standard,” Thomas said.
On the other hand, Goldman’s spokesman states in an emailed statement that these charges are misdirected and that the bank continues to cooperate with all authorities in their investigations.