Court sets Jan 14 for mention of Goldman Sachs Singapore case

26 Dec 2019 / 12:57 H.

KUALA LUMPUR: The High Court today set Jan 14 next year for mention of the government’s RM27.2 billion (US$6.5 billion) 1Malaysia Development Berhad (1MDB) bond cases against Goldman Sachs (Singapore) Pte.

Deputy deputy public prosecutor Zaki Asyraf Zubir told reporters that judge Mohamed Zaini Mazlan fixed the date in chambers after being informed by the prosecution that it was still in the process of serving the notice of summons against Goldman Sachs (Singapore).

Following which, the court set Jan 14 next year to mention the case to obtain the latest status on the matter, he added.

Also present were lawyers Krishna Dallumah and Datuk Prem Ramachandran, representing Goldman Sachs (Singapore).

The court had previously fixed today to hear the prosecution’s application to transfer the case involving Goldman Sachs (Singapore) from the Magistrate’s Court to the High Court.

In December last year, Malaysia filed four charges against Goldman Sachs for allegedly leaving out material facts on the sale of bonds between a subsidiary of 1MDB and Aabar Investment PJS Ltd (Aabar).

The offences were allegedly committed at 1MDB’s premises at Level 8, Menara IMC, No. 8, Jalan Sultan Ismail here, between March 19, 2012 and November 11, 2013.

The company was charged under Section 179 (c) of the Capital Markets and Services Act 2007, which carries a penalty of imprisonment for a term not exceeding 10 years and a fine of not less than RM1 million, upon conviction.

Former Goldman Sachs banker Roger Ng Chong Hwa had also claimed trial to four counts of abetting the company, in reference to the sale of the same bonds by omitting material facts and making false statements.

The United States Department of Justice has estimated that about US$4.5 billion was misappropriated from 1MDB between 2009 and 2014. — Bernama

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