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Goldman Sachs bankers 'cheated' Malaysia over 1MDB: Mahathir

Goldman Sachs bankers 'cheated' Malaysia over 1MDB: Mahathir”

On Nov 1, the DoJ indicted Ng's former colleague, Tim Leissner, alongside fugitive financier Low Taek Jho (Jho Low) over funds misappropriated from 1MDB and bribing various Malaysian and Abu Dhabi officials.

U.S. prosecutors filed criminal charges against two former Goldman Sachs bankers earlier this month.

Goldman Sachs Group Inc.'s (GS.N) shares fell for a third day as analysts tried to put a price on the firm's current scandal.

Malaysia wants to reclaim from Goldman Sachs Group Inc GS.N the fees the US bank received for helping state fund 1Malaysia Development Bhd (1MDB) [TERRN.UL] raise money as well as consequential losses, Minister of Finance Lim Guan Eng said on Tuesday.

A second Goldman Sachs spokesman in Hong Kong declined to comment on Mahathir's comments in the interview.

Malaysia's finance minister reportedly asked for Goldman to return the $600 million in fees it received for underwriting three bond deals that raised $6 billion - about half of which the hard-partying Low used to allegedly bribe foreign officials and fund his opulent lifestyle. Goldman Sachs denied any wrongdoing.

'If the law says that somebody has committed a crime, then he should be accordingly punished through the process of law, ' he said.

"The DOJ (Department of Justice of the United States) says it is about US$4.3 billion".

On November 12, Goldman Sachs' share price fell to its lowest in almost two years after Malaysia's Minister of Finance Lim Guan Eng said his country would seek a full refund of the fees the bank earned from 1MDB deals.

1MDB's bonds were sold at a "much higher" yield than what was the market rate at that time, and Malaysia will also seek from Goldman losses that stemmed from the interest-rate differential, Lim told BFM radio station. It was the company's biggest drop since losing eight percent in November 2011.

Goldman Sachs stated that it was cooperating with the authorities and could possibly be looking at paying hefty fines.

Citing sources, Reuters reported in June that Malaysia was considering asking the U.S. Justice Department to get Goldman Sachs to return the fees it had earned from the 1MDB deals.

A DOJ spokeswoman said the U.S. would continue to pursue justice over the 1MDB investigations and would recover assets to be used to "benefit the people" who were affected by corruption and abuse of power.

Records show that Low, who remains at large, isn't in China on a Malaysian passport as previously thought, Lim told the BFM radio station.



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