Malaysia charges 17 Goldman Sachs figures over 1MDB scandal

Support us and go ad-free

Malaysian prosecutors have filed criminal charges against 17 more current and former directors at three Goldman Sachs subsidiaries over their role in the alleged multibillion-dollar ransacking of state investment fund 1MDB.

Malaysian and US prosecutors allege that bond sales organised by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian leader Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysia’s economic development.

The government filed criminal charges in December against Goldman Sachs and two former executives for breaches of securities laws, including making false, misleading statements to investors.

Attorney general Tommy Thomas said the 17 people in the most recent filings were charged under the Malaysian Capital Markets and Services Act for conniving to commit the massive fraud.

Najib set up 1MDB when he took office in 2009, but it accumulated billions in debts and US investigators allege at least 4.5 billion dollars (£3.7 billion) was stolen from the fund and laundered by Najib’s associates.

Public anger over the alleged corruption contributed to the shocking election defeat of Najib’s long-ruling coalition in May 2018. The new government reopened investigations that had been stifled while Najib was in office.

Najib is currently on trial for alleged criminal breach of trust, abuse of power and money laundering. He denies the charges. His wife and stepson have also been charged in the case.

Read on...

Former Goldman Sachs executive Roger Ng was arrested in Malaysia last year and has been extradited to the US, where he also faces charges.

Malaysia’s current government has also filed criminal charges against Goldman Sachs and is seeking 7.5 billion dollars (£6.17 billion) in compensation from the bank.

We know everyone is suffering under the Tories - but the Canary is a vital weapon in our fight back, and we need your support

The Canary Workers’ Co-op knows life is hard. The Tories are waging a class war against us we’re all having to fight. But like trade unions and community organising, truly independent working-class media is a vital weapon in our armoury.

The Canary doesn’t have the budget of the corporate media. In fact, our income is over 1,000 times less than the Guardian’s. What we do have is a radical agenda that disrupts power and amplifies marginalised communities. But we can only do this with our readers’ support.

So please, help us continue to spread messages of resistance and hope. Even the smallest donation would mean the world to us.

Support us