Goldman Sachs hit with record fines in the US over its role in 1MDB scandal

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Manage episode 275807927 series 1450700
By MLex Market Insight. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
As corruption and embezzlement scandals go, the 1MDB affair was breathtaking in both its scale and its audacity. In 2015, then Malaysian prime minister Najib Razak was accused of channeling into personal bank accounts funds from 1Malaysia Development Berhard, a government-run strategic development company. A total of 4.5 billion US dollars went missing, with most of it still unaccounted for. The role played in moving the stolen funds out of the country by commercial bank Goldman Sachs has prompted the US investigation that culminated in a record fine, earmarked for enforcers in the US, the UK and Singapore. The $2.9 billion penalty has highlighted how the bank’s safeguards failed to stop the suspicious transfers and how enforcers around the world can work together to clamp down on lax oversight.

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