3rd August 2020
A former Coutts & Co. banker was found guilty of failing to flag money-laundering concerns related to a $700 million transfer into an account controlled by Low Taek Jho, the alleged mastermind behind the 1MDB scandal. The man, who was only identified as A., was fined 50,000 Swiss francs… Read More
3rd August 2020
As negotiators from Goldman Sachs Group Inc. and the Malaysian government gathered at the Mandarin Oriental hotel in Kuala Lumpur last week, the two sides could hardly have been further apart on a 1MDB deal. The storied U.S. bank, needing to turn the page on one of the biggest… Read More
29th July 2020
A Malaysian court on Tuesday found Najib Razak, the country’s former prime minister, guilty of corruption on charges stemming from the disappearance of $4.5 billion from a government investment fund he once controlled. The trial, the first of several related to the pilfering of funds from the 1 Malaysia… Read More
27th July 2020
Goldman Sachs Group Inc. will pay $2.5 billion to the government of Malaysia for its role in the alleged theft of billions of dollars from a government investment fund, bringing the Wall Street bank close to ending one of the worst scandals in its history. Goldman also guaranteed… Read More
15th July 2020
The government has filed an application seeking to prohibit PetroSaudi International and its director Tarek Obaid from using over US$340 million in alleged funds from 1MDB kept in a client’s account of a UK law firm. In the application filed on July 10, the government contended that the US$340,258,246.87 in… Read More
8th July 2020
The law firm that represents the Duchess of Sussex has received $1.3m (£1m) for its work on a public relations campaign for a fugitive Malaysian financier accused of masterminding one of the world’s largest corruption scandals, documents show. Schillings, a London-based firm that specialises in managing the reputations of wealthy… Read More
6th July 2020
The probe into the RM6.3 billion Penang undersea tunnel and connected roads project will centre around possible money laundering, Malaysian Anti-Corruption Commission (MACC) chief Azam Baki said today. He expected the probe to take another two to three weeks to be completed before submission to the prosecutors. Speaking to FMT,… Read More
3rd July 2020
The U.S. Department of Justice on Wednesday said it was looking to recover another $96 million in assets in real estate and artwork linked to the 1Malaysia Development Berhad (1MDB) international money-laundering conspiracy. The assets include luxury real estate in Paris and paintings by Claude Monet and Andy Warhol linked… Read More
19th June 2020
Malaysian prosecutors will seek to amend charges against three Goldman Sachs Group Inc. units in the case involving troubled state fund 1MDB. Prosecutors will be seeking amendments involving liability, with Goldman’s lawyers arguing the proposed changes would be substantial, according to proceedings at the Kuala Lumpur High Court on… Read More
18th June 2020
Signed cheques that combined totalled over RM1.3 million were given to a moneychanger with the name of the recipient left blank, several prosecution witnesses testified today in the money-laundering trial of former deputy prime minister Datuk Seri Ahmad Zahid Hamidi. The witnesses named the moneychanger as one “Omar Ali”, whose… Read More