Malaysia Files Criminal Charges Against Goldman Sachs Executives


Malaysia filed criminal charges against 17 former and current directors at subsidiaries of Goldman Sachs in the country, after a probe into a multi-billion-dollar corruption scandal that led to the termination of 1MDB.

Friday’s charges against these executives were brought under a section of the Malaysian Capital Markets and Services Act that holds senior executives responsible for any kind of offense that could be committed by the firm.

In a statement, Attorney General Tommy Thomas said “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.”

On its part, Goldman Sachs spokesman in Hong Kong responded “We believe the charges announced today, along with those against three Goldman Sachs entities announced in December last year, are misdirected and will be vigorously defended. Under the Malaysian legal process, the firm and the individual entity directors were not afforded an opportunity to be heard prior to the filing of these charges, which do not affect our ability to conduct our current business globally.”

The executives charged on Friday include president of Alibaba Group Michael Evan, chief executive of Goldman Sachs International Richard Gnodde, a former director at Goldman Sachs Asia and former vice chairman of Goldman Sachs Group Michael Sherwood.

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