The US$6.5 billion 1MDB bonds case against Goldman Sachs International and its Asian arm has been transferred from the Kuala Lumpur Magistrate’s Court to the High Court.
This followed High Court judge Mohamed Zaini Mazlan allowing the transfer application by DPP Norinna Bahadun during the open-court proceedings this morning.
It was reported on Oct 22 that the prosecution had filed an application to transfer the case against the United Stated-based international investment bank from the lower court to the Kuala Lumpur High Court.
Aside from Goldman Sachs International, the charges are also levelled against Goldman Sachs (Asia) LLC and Goldman Sachs (Singapore) PTE.
Zaini allowed the transfer application against the Goldman Sachs International and Goldman Sachs (Asia) LLC following no objection raised by the international corporate group’s counsel Hisyam Teh Poh Teik.
“I aver that this matter is best heard by the High Court, as the respondent (Goldman Sachs International and Goldman Sachs (Asia) LLC) has no objection.
"In regard to (Goldman Sachs) International and (Goldman Sachs) Asia, order in terms, these cases are transferred to the High Court,” Zaini ruled.
However, the judge set Dec 26 to hear the prosecution’s application to transfer the US$6.5 billion bonds case against Goldman Sachs (Singapore) PTE from the Magistrate’s Court to the High Court.
Zaini set the hearing date when informed by both the prosecution and defence teams that the service of the notice of summons against Goldman Sachs (Singapore) PTE is still in the process.
Later, when the matter came up for mention before Kuala Lumpur Magistrate Mohamad Fared Abdul Latif this morning, DPP Zaki Asyraf Zubir informed the lower court that High Court judge Zaini had allowed the transfer application for Goldman Sachs International and Goldman Sachs (Asia) LLC.
Zaki also informed Fared that Zaini set Dec 26 to hear the transfer application for the bonds case against Goldman Sachs (Singapore) PTE.
The magistrate then fixed Dec 26 for mention to update the lower court on the status of the prosecution’s transfer application against Goldman Sachs (Singapore) PTE.
When met after proceedings, Zaki explained to the media that the prosecution was still in the process of serving the notice of summons against Goldman Sachs’s Singaporean arm because the earlier notice did not have a copy of the charges attached to it.
In December last year, it was reported that the Malaysian government filed four charges against Goldman Sachs for purportedly leaving out material facts on the sale of bonds between a subsidiary of 1MDB and Aabar Investment PJS Ltd.
The offences were allegedly committed at 1MDB’s office at Level 8, Menara IMC, No. 8, Jalan Sultan Ismail, here, between March 19, 2012, and Nov 11, 2013.
The investment bank was charged under Section 179 (c) of the Capital Markets and Services Act 2007, an offence which is punishable with imprisonment up to 10 years and a fine of not less than RM1 million, upon conviction under Section 182 of the Act.
On Dec 19 last year, ex-Goldman Sachs banker Roger Ng Chong Hwa (above) had also pleaded not guilty to four counts of abetting the investment bank pertaining to the sale of the same guaranteed notes and bonds by omitting material facts and making false statements.
In Dec last year, also charged in absentia were 1MDB-linked fugitive businessperson Low Taek Jho, more well-known as Jho Low, and Jasmine Loo, who used to be 1MDB’s general counsel and executive director of group strategy.
The United States Department of Justice (DoJ) estimated that about US$4.5 billion was misappropriated from 1MDB between 2009 and 2014. - Mkini
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.