Goldman Sachs 'cheated' Malaysia over 1MDB: PM Mahathir

Malaysia was `cheated' by Goldman Sachs, Mahathir says - The Jakarta Post

And since then, investors have been given an nearly daily feed by the media about Goldman Sachs' part in this scandal.

Based on the reports, the United States prosecutors have filed a report against two former bankers of Goldman Sachs earlier this month (November).

Goldman Sachs Group, Inc shares were trading at $206.90 per share on Monday afternoon, down $15.75 (-7.07%). For more on the story, we speak to TRT World Editor-at-large Craig Copetas. "It's the fear of the unknown".

The US DOJ has said US$4.5 billion was misappropriated from 1MDB by high-level officials of the fund and their associates between 2009 and 2014.

The bank spent years repairing its image after it became a favorite congressional punching bag in 2010 for its behavior around the global credit crisis.

Najib was accused of getting involved in the loss of billions of U.S. dollar during transactions with foreigners through the fund. The bank admitted it made a "mistake" in marketing materials and settled.

The US bank earned about $600 million in fees for its work with 1MDB, which included three bond offerings in 2012 and 2013 that raised $6.5 billion.

Additionally, he stated that over $200 million had been paid to him personally by 1MDB, which were paid into accounts held by him and his relative. Prosecutors have said executives involved circumvented the bank's internal compliance operations to avoid detection.

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KUALA LUMPUR/SINGAPORE-Malaysian Prime Minister Mahathir Mohamad said bankers at Goldman Sachs Group Inc "cheated" the country in dealings with state fund 1MDB and that US authorities have promised to help return the fees the Wall Street bank earned from the fund.

"Obviously we have been cheated through the compliance by Goldman Sachs people", he said in the interview. Asked whether the Wall Street firm might be barred from doing business in Malaysia, Mahathir replied: "We are watching".

Michael DuVally, a Goldman spokesman in NY, declined to comment.

Goldman Sachs' share prices dropped by 7.5% yesterday, which is the biggest one-day plunge the company has experienced since November of 2011.

Citing sources, Reuters reported in June that Malaysia was considering asking the U.S. Justice Department to get Goldman Sachs to return the fees it had earned from the 1MDB deals.

What is 1MDB? Another QuickTake explains.

It may be Goldman Sachs or it may be whoever.

Goldman has consistently said that it believed proceeds of the debt it underwrote were for development projects and that Leissner, its former Southeast Asia chairman, withheld information from the firm.

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