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Friday, July 29, 2016

WSJ: US subpoenas Goldman Sachs for documents on 1MDB dealings

Goldman Sachs Group Inc has reportedly been subpoenaed by the US authorities for documents related to dealings with 1MDB
The Wall Street Journal (WSJ) today, citing a person familiar with the matter, said under the subpoenas, the bank is providing documents to the investigators.
The financial daily last month reported that US investigators are trying to determine if Goldman Sachs broke the law when it did not alert authorities over a suspicious transaction involving the troubled state fund.
However, it reported today the authorities have to date yet to interview the bank's current and former Goldman employees.
"Goldman Sachs is also providing information to the Monetary Authority of Singapore, the city-state’s central bank and financial regulator that also has inquired about the firm’s work for the fund in question - 1MDB, the person said," reported the daily.
It said the Department of Justice (DOJ) and the Securities and Exchange Commission, along with the New York State Department of Financial Services are looking into Goldman’s role in a series of bond sales it managed for 1MDB.

The latest action follows the DOJ initiating a series of lawsuits to seize 1MDB-linked assets on Wednesday, July 20, in what the US touts to be its largest action ever brought under its Kleptocracy Asset Recovery Initiative.
WSJ noted Goldman’s ties to 1MDB can be traced to the fund’s launch in 2009. The bank has underwritten three bond offerings worth US$6.5 billion, and it has advised the fund on two acquisitions.
Goldman’s role in arranging the bond sales, and the some $590 million the firm collected from 1MDB for its work, are laid out in the US government’s lawsuits, it said.- Mkini

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