A former Goldman Sachs banker pleaded not guilty Monday in New York to bribery and other charges in the multi-billion-dollar 1MDB scandal after being extradited from Malaysia. Malaysian Ng Chong […]
Malaysia today filed criminal charges under local securities laws against Goldman Sachs subsidiaries over three bonds worth $6.5 billion that the US investment bank had handled for 1Malaysia Development Berhad […]
Swiss financial watchdog FINMA said on Thursday the Swiss subsidiary of U.S. bank JPMorgan had committed serious anti-money laundering breaches in relation to Malaysian sovereign wealth fund 1MDB, Reuters reported.
The case adds to the political storm that has raged for more than two years over the scandal at 1Malaysia Development Berhad (1MDB), the focus of money-laundering investigations in at least six countries including Singapore, Switzerland and the United States.
Singapore banned two more financial professionals over breaches related to 1Malaysia Development Bhd., taking to eight the number of prohibitions handed down by the city in connection with the troubled state investment fund, Blooomberg reported on Tuesday.
The Monetary Authority of Singapore issued a lifetime prohibition order on former private banker Yeo Jiawei and placed a three-year ban on Kevin Scully, the former chief executive officer of NRA Capital Pte, it said Tuesday.
The United States has called the 1Malaysia Development Berhad (1MDB) scandal "kleptocracy at its worst", just as Prime Minister Najib Razak is preparing to rally Malaysia’s ruling party at its last national congress before a general election due within months.
Speaking at the Global Forum on Asset Recovery hosted by the US and UK in Washington, US Attorney General Jeff Sessions said on Monday that the Department of Justice (DOJ) "is working to provide justice to the victims of this alleged scheme".
After punishing six bankers, Singapore is now investigating Goldman Sachs Group Inc’s relationship with 1MDB – the Malaysian investment fund at the centre of global money laundering probes.
Bloomberg reports today that the island republic’s Commercial Affairs Department, the police’s economic crime unit and city prosecutors have interviewed current and former Goldman Sachs executives who worked on bond offerings from 1Malaysia Development Berhad. 1MDB is a multi-billion national investment board for Malaysia that is aimed on encourage economic development and business creation.
Former BSI banker Yeo Jiawei was on Wednesday sentenced to four-and-a-half years jail for money laundering and cheating, in a case linked to an investigation involving Malaysian state fund 1Malaysia Development Berhad (1MDB).
Yeo, 34, had set up multiple suspicious transactions involving 1MDB, and admitted he secretly profited at least $3.5 million from the illicit transactions. He laundered a portion of the money by transferring at least $500,000 into his parents’ bank account.
Prosecutors identified Yeo as a central figure linked to Malaysian financier Low Taek Jho, who was characterised by US investigators as the controller of a plan to drain billions from 1MDB.
US authorities on Thursday moved to seize another $540 million in assets allegedly stolen in the 1MDB fraud and used to fund extravagant spending, the Justice Department announced.
“Today’s complaints reveal another chapter of this multi-year, multi-billion-dollar fraud scheme, bringing the total identified stolen proceeds to $4.5 billion,” acting US Assistant Attorney-General Kenneth Blanco said in a statement.
