Malaysia filed criminal charges on Friday against 17 current and former director...
KUALA LUMPUR - Malaysia filed criminal charges on Friday against 17 current and former directors at subsidiaries of Goldman Sachs Group Inc following an investigation into a multi-billion-dollar corruption scandal that led to the demise of state fund 1MDB.
But Malaysian prosecutors have said $2.7 billion of the proceeds were diverted and the offering statements filed with the regulators contained statements that were false, misleading or involved material omissions. “Under the Malaysian legal process, the firm and the individual entity directors were not afforded an opportunity to be heard prior to the filing of these charges, which do not affect our ability to conduct our current business globally.”
Low has been described by Malaysian and U.S. authorities as the central player in the 1MDB scandal. He has denied wrongdoing and his whereabouts are unknown. Goldman Sachs has consistently denied wrongdoing and said certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of transaction proceeds.
Tim Leissner, a former partner of Goldman Sachs in Asia, pleaded guilty last August to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act and agreed to forfeit $43.7 million.
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