Goldman's work with Malaysian fund under the spotlight

Pointing Finger

Goldman Sachs' work with Malaysian sovereign wealth fund 1MDB is under the spotlight over U.S. government allegations that billions of dollars were diverted for the personal use of officials in the southeast Asian country.

Reuters reports that the Wall Street bank helped 1MDB raise $6.5bn in three bond sales in 2012 and 2013 to invest in energy projects and real estate to boost the Malaysian economy.

Instead, more than $2.5bn raised from those bonds was misappropriated by high-level 1MDB officials, their relatives and associates, U.S. Department of Justice civil lawsuits filed in court on Wednesday said.

Prosecutors said the money was used to buy artwork, including paintings by Vincent Van Gogh and Claude Monet, luxury properties in New York and London and gambling debts in Las Vegas.

To access the complete Reuters article hit the link below:

Goldman Sachs under spotlight in Malaysian fund scandal

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