Friday, August 09, 2019

The Banksters on Trial Again

Malaysia has charged 17 former and current Goldman Sachs bankers - including Richard Gnodde, the most senior banker in London - over the corruption investigation at its state development fund 1MDB.
Attorney General Tommy Thomas said custodial sentences and criminal fines would be sought against those charged. He said this was because of the "severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds, the lengthy period over which the offences were planned and executed, the number of Goldman Sachs subsidiaries, officers and employers involved and the relative value of the fees and commissions paid to Goldman Sachs for their multiple roles played in arranging, structuring, underwriting and selling the three bonds".
If convicted, those charged could face prison sentences of up to 10 years and fines of at least one million ringgit (£200,000).

US and Malaysian prosecutors have previously said that the money raised by the state fund went to line the pockets of a few powerful individuals and to buy luxury properties, a private jet, Van Gogh and Monet artworks - and to finance a Hollywood blockbuster, The Wolf of Wall Street.

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