2018-11-06 — thestar.com.my
``Over 30 Goldman Sachs executives including bank boss David Solomon and his predecessor, Lloyd Blankfein reviewed the 1Malaysia Development Berhad (1MDB) deals, according to sources familiar with the approval process.
The Financial Times reported the Wall Street bank helped 1MDB sovereign wealth fund sell about RM27.06 bil (US$6.5bil) of bonds between 2012 and 2013, two years before Malaysian police raided 1MDB's offices to investigate allegations of massive fraud.
In a 2016 indictment, the US Department of Justice alleged that much of the money raised with Goldman's help was siphoned off by Low Taek Jho, who funnelled it into everything from Beverly Hills properties to Van Gogh paintings.
The report added that DoJ, which is still exploring what sanctions if any Goldman should face, has brought criminal charges against former Goldman bankers Tim Leissner and Roger Ng in connection with the deal.
In a filing to the Securities and Exchange Commission on Friday (Nov 2), the Wall Street firm estimated that possible losses related to litigation proceedings could run as high as $1.8bil (RM7.49 bil) above its total reserves for such matters. Previously, Goldman estimated litigation losses to be in an excess of $1.5bil (RM6.24 bil).
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