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Old 06-11-2018, 04:42 PM   #62
iamawaveofthesea
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DOJ Investigates 'Mystery' Goldman Executive Involved In $4.5 Billion 1MDB Fraud
by Tyler Durden
Sun, 11/04/2018 - 22:10

Last week, the DOJ filed the first round of criminal charges related to the massive international fraud that was the 1MDB scandal. US prosecutors allege that more than $4.5 billion was embezzled from the sovereign wealth fund, which was set up by the government of disgraced former Prime Minister Najib Razak, eventually leading the ransacked government fund to a default on nearly $2 billion of local currency bonds, briefly denting the value of the Malaysian ringgit. Holders of those bonds are still working on a restructuring deal with the fund. Meanwhile, former Goldman Sachs Southeast Asia Chief Tim Leissner has pleaded guilty to fraud charges and is expected to cooperate with authorities against other more-senior officials at the bank. One of his fellow bankers, Roger Ng, was arrested by Malaysian police and is expected to be extradited to the US.

There's little doubt that the scandal, which Goldman has, in typical Goldman fashion, tried to pin on a "few rogue employees," will lead to massive fines and possibly other penalties.
https://www.zerohedge.com/news/2018-...ion-1mdb-fraud
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