Justice Department Sends Back Misappropriated Funds U.S. Justice Department officials report that they have returned “an additional $452 million in misappropriated 1Malaysia Development Berhad (1MDB) funds to the people of Malaysia, bringing the total returned to over $1.2 billion.” The repatriation of the funds from the former 1MDB investment development fund follows a scandal in… Read More >>
Goldman Sachs Admits Guilt in Foreign Bribery Case
Goldman Sachs is admitting guilt and paying a fine of $2.9 billion for its role in a scandal that saw officials from the firm bribing Malaysian and Abu Dhabi officials from 2009 to 2014 in order to secure ongoing business for the multinational investment bank. After much negotiation, the firm has begun to resolve the… Read More >>
DoJ Returns $300M in Fraud Proceeds to Malaysia
The U.S. Department of Justice has returned approximately $300 million to Malaysia, money that was misappropriated from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, and laundered through financial institutions in America and several other states, including Switzerland, Singapore and Luxembourg. One person at the center of the money-laundering scandal was Low Taek Jho, aka… Read More >>
Goldman Sachs to Fight Malaysia’s Criminal Charges
Goldman Sachs is vowing to fight new charges stemming from a scandal in Malaysia involving the 1 Malaysia Development Berhad (1MDB) fund that Malaysian government officials were hoping to use toward the development of infrastructure projects. The sprawling case involves authorities beyond the Malaysian government as the U.S. Department of Justice early last month charged… Read More >>