,KUALA LUMPUR: The Securities Commission Malaysia (SC) has completed its investigation on Goldman Sachs International, Goldman Sachs (Asia) L.L.C. and Goldman Sachs (Singapore) Pte for engaging in a scheme to defraud the government and 1Malaysia Development Bhd (1MDB) through the issuance of three bonds. The bond issuances are US$1.75 billion 5.99 per cent Guaranteed Notes due in 2022 issued by 1MDB Energy Ltd; US$1.75 billion 5.75 per cent Guaranteed Notes due in 2022 issued by 1MDB Energy (Langat) Ltd; and US$3 billion 4.40 per cent Notes due in 2023 issued by 1MDB Global Investments Ltd. "Following Tim Leissner’s guilty plea on Aug 28, 2018 for conspiring to commit money laundering and conspiring to violate the US Foreign Corrupt Practices Act by both paying bribes to various officials and circumventing internal accounting controls of Goldman Sachs Group’s (GSG) entities, Goldman Sachs Malaysia Sdn Bhd was also queried by the SC as Tim Leissner was a director on its board during the material time. "As the SC’s investigation forms part of the Malaysian government’s settlement negotiation with GSG, the SC’s team provided input and support to the Attorney-General throughout the negotiation leading to the US$3.9 billion settlement with GSG,” SC said in its Annual Report 2020 released today.The settlement agreement comprised, among others, of GSG making a cash payment of US$2.5 billion (US$1=RM4.12) and providing an asset recovery guarantee of US$1.4 billion to the government. - Bernama
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