Former Malaysian prime minister Najib Razak. File photo/ AFP
Malaysia filed criminal charges on Friday against 17 current and former directors of three Goldman Sachs subsidiaries, piling further pressure on the Wall Street titan over the multi-billion-dollar 1MDB scandal.
Billions of dollars were looted from the country's sovereign wealth fund 1Malaysia Development Berhad in a globe-spanning fraud, which allegedly involved ex-leader Najib Razak and his inner circle.
Goldman's role has been under scrutiny as it helped arrange a series of bond issues worth $6.5 billion for the investment vehicle.
Attorney General Tommy Thomas announced the latest charges in a statement.
“Custodial sentences and criminal fines will be sought against the accused... given the severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds,” he said.
The statement listed the names of the 17 accused, who were directors of Goldman subsidiaries between May 2012 and March 2013, Thomas said.
In December, Malaysia filed charges against the three subsidiaries -- Goldman Sachs International, Goldman Sachs (Asia), and Goldman Sachs (Singapore) -- and two ex-employees.
They were accused of giving false statements leading to the misappropriation of funds in relation to the bond issues.
Goldman vowed to fight these charges, saying the former Malaysian government and 1MDB lied to the bank.
Friday's charges were brought under laws which provide that “any person who... was a director, a chief executive, an officer or a representative of a body corporate or was purporting to act in such capacity” at the time of an offence is also deemed to have committed that offence, the attorney general's statement said.
The Malaysian producer of Hollywood film “The Wolf of Wall Street” and stepson of the country’s disgraced ex-leader was on Friday charged with illegally receiving almost $250 million from state fund 1MDB.
Malaysia’s ex-prime minister Najib Razak played a pivotal role in plundering the state’s 1MDB fund and channelled hundreds of millions of dollars into his own bank account,
Goldman Sachs has been in talks with authorities in Malaysia to drop criminal charges against three subsidiaries of the bank in connection with the 1MDB scandal, the Southeast Asian country’s top prosecutor told the Nikkei Asian Review.
Hamdan Bin Mohammed Smart University (HBMSU) and Emirates Talent Association celebrated graduation of the 4th batch of “Emirati Programmer” on Saturday.
The Dubai Public Prosecution referred two unemployed Asian men to the criminal court for breaking into a supermarket in Dubai and stealing around Dhs4,000 and 40 packs of cigarettes.
"It was nothing short of a miracle and the realisation of an impossible dream. We thank the UAE for their great support in arranging the reunion. This is an example of the UAE’s humanitarian approach, as well as of its noble values of tolerance and coexistence," they stressed, adding that it is a model for the whole world to emulate.