Goldman Sachs legal reps at Najib's 1MDB trial, gearing for own cases
Goldman Sachs, which has been accused of facilitating the theft of 1MDB funds, was keeping tabs at the start of former prime minister Najib Abdul Razak's 1MDB trial today.
Present in court were lawyers Hisyam Teh Poh Teik and Raehan Yogaratnam, representing the investment bank to hold a watching brief...
Goldman Sachs, which has been accused of facilitating the theft of 1MDB funds, was keeping tabs at the start of former prime minister Najib Abdul Razak's 1MDB trial today.
Present in court were lawyers Hisyam Teh Poh Teik and Raehan Yogaratnam, representing the investment bank to hold a watching brief.
After the hearing adjourned, Hisyam said Goldman Sachs was there for preparatory reasons.
"To prepare for future cases," he told Malaysiakini when asked about the bank's interest in the case.
Last December, the Attorney-General's Chambers filed criminal charges against Goldman Sachs subsidiaries and their former employees Tim Leissner and Roger Ng Chong Hwa (photo).
Earlier this month, criminal charges were also brought against 17 former and current Goldman Sachs executives in relation to the 1MDB matter.
"The charges were brought against them for perpetrating a scheme to defraud the government of Malaysia and purchasers of three bonds with a face value of US$6.5 billion (RM27.38 billion) which were underwritten and arranged by Goldman Sachs, and issued by subsidiaries of 1MDB, by way of the commission and abetment of false or misleading statements to dishonestly misappropriate billions from the bond proceeds," Attorney-General Tommy Thomas had said.
In his opening statement today, lead prosecutor Gopal Sri Ram also referenced Goldman Sachs five times.
Goldman Sachs made lucrative fees for arranging three bonds for 1MDB, proceeds of which were allegedly misappropriated to benefit several individuals, including Najib.
The bank made around US$582.5 million (RM2.44 billion) in arranger's fees.
In January, Goldman Sachs chief executive David Solomon apologised to Malaysia for Leissner's role in the 1MDB scandal, but insisted the bank had conducted its due diligence.
“It’s very clear that the people of Malaysia were defrauded by many individuals, including the highest members of the prior government," Solomon had said.
Finance Minister Lim Guan Eng had said that the apology was insufficient, and that the government wants compensation from Goldman Sachs.
Also holding a watching brief is Guok Ngek Seong on behalf of Semarak Konsortium Satu Sdn Bhd, a recipient of funds allegedly originating from 1MDB.
The Malaysian Bar also has two representatives holding a watching brief for the case, namely lawyers Roger Chan and Rajsurian Pillai.
RELATED REPORTS
Shafee: Prove Najib knew 'Arab donation' faked, then you can hang him
Sri Ram tells of 'elaborate charade designed to enrich Najib'
Prosecution: Najib, Jho Low faked 'Arab donation' to cover-up scandal
Sri Ram: Jho Low was Najib's 'alter ego' and 'mirror image'
Day 1: 'Najib's dealings with digital firm may have inspired Bossku campaign'
Report this comment
Are you sure you want to delete this comment?
This action cannot be undone.