Archive for November 7th, 2017

Singapore Police Examine Goldman’s Role in 1MDB Deals

By Andrea Tan
November 3, 2017

Singaporean prosecutors and police are examining Goldman Sachs Group Inc.’s relationship with the Malaysian state investment fund at the center of global money laundering probes, people with knowledge of the matter said.

The Commercial Affairs Department, the police’s economic crime unit, and city prosecutors have interviewed current and former Goldman Sachs executives who worked on bond offerings from 1Malaysia Development Bhd., said the people, who asked not to be named because the queries are confidential. Investigators are also looking into the firm’s links with Malaysian financier Low Taek Jho, who the U.S. has alleged controlled a plot to siphon billions of dollars from the bond proceeds, the people said.

Investigators’ meetings with current and former Goldman Sachs employees are part of a criminal probe into fund flows related to 1MDB, the people said. The bank itself isn’t the focus of the investigation, they said. Neither Goldman Sachs nor its current or former employees have been publicly accused of criminal offenses or charged in relation to the fund, whose dealings have sparked probes in Singapore, Switzerland and the U.S. Read the rest of this entry »

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1MDB-linked Prince Turki among those nabbed for corruption in Saudi Arabia

The Edge Markets
November 06, 2017

(Nov 6): Prince Turki bin Abdullah, co-founder of Petrosaudi, the company that is embroiled in the 1Malaysia Development Bhd scandal, was among the 11 princes arrested in anti-corruption raids in Saudi Arabia on Saturday.

Reuters had named Prince Turki bin Abdullah, the former governor of Riyadh province, as among those arrested.

“A Saudi official said former Riyadh Governor Prince Turki bin Abdullah was detained on accusations of corruption in the Riyadh Metro project and taking advantage of his influence to award contracts to his own companies,” Reuters reported. Read the rest of this entry »

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