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Goldman boss apologises for 1MDB scandalND

BBC News, Wednesday 16th January 2019

The new boss of Goldman Sachs has apologised to Malaysia for the role an ex-partner played in the corruption scandal at one of the country’s wealth funds. CEO David Solomon also distanced the bank from the scheme, which saw billions of dollars embezzled from the state development fund, 1MDB. Goldman had helped raise money for the fund, and Mr Solomon said the bank had been deceived about details of the deals. Malaysia filed criminal charges against Goldman last month. Although the scandal has hurt the bank’s reputation, Mr Solomon said the overall impact on client relationships had been minimal. “This has been a difficult time, but I’m proud about how our firm has remained focused on our clients,” he said. According to authorities, Goldman earned $600m for its work underwriting more than $6bn in bonds between 2012 and 2013 for 1MDB. Much of the money meant for the fund was then allegedly embezzled, used to buy art, property, and a private jet among other things. Malaysia’s former prime minister Najib Razak is among those who have been accused of pocketing the money – a charge which he denies. That case is scheduled for trial in Malaysia later this year.

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