The Justice Department announced charges Thursday against a fugitive Malaysian financier and two former Goldman Sachs bankers accused in a money laundering and bribery scheme that pilfered billions of dollars from a Malaysian investment fund created to spur economic development projects in that country. A three-count indictment charges Low Taek Jho, also known as Jho Low, with misappropriating money from the state-owned fund and using it for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the United States and to help finance Hollywood movies, including "The Wolf of Wall Street." Also charged was a former Goldman Sachs banker, Tim Leissner, who pleaded guilty to money laundering conspiracy and to conspiring to violate foreign bribery laws. Another former bank official, Ng Chong Hwa, 51, also known as Roger Ng, was arrested earlier Thursday in Malaysia and accused of circumventing internal accounting controls, prosecutors said. Leissner's … [Read more...] about US Charges Malaysian Financier in Multibillion-Dollar Scheme
Malaysian law journal
SINGAPORE (Reuters) – A former Goldman Sachs Group Inc. <GS.N> banker is in talks with U.S. prosecutors to potentially plead guilty to criminal charges stemming from an alleged scheme to steal billions of dollars from a Malaysian state investment fund, the Wall Street Journal reported, citing people familiar with the matter said. The report said the talks bring the fast-moving investigation closer to Goldman, which raised billions of dollars for 1Malaysia Development Bhd (1MDB). It also comes after Malaysia’s former prime minister, Najib Razak, who founded the fund and lost his re-election bid earlier this year, was charged with abuse of power and criminal breach of trust in relation to SRC International, a former 1MDB unit. Najib pleaded not guilty to those charges and has consistently denied any wrongdoing in relation to 1MDB. Tim Leissner, a one-time Goldman partner and Southeast Asia chairman hasn’t been charged. He is seeking an agreement with prosecutors … [Read more...] about Former Goldman Sachs banker in 1MDB plea talks with U.S.- WSJ
Viet Nam News KUALA LUMPUR — Former Malaysian Prime Minister Najib Razak was charged with corruption on Wednesday for allegedly accepting millions of dollars in bribe money, in a stunning fall from grace just months after his shock election defeat. Najib, the first ex-premier in Malaysia to appear in front of a judge, is accused of pocketing 42 million ringgit (US$10.4 million), and three counts of criminal breach of trust. Each charge carries a penalty of up to 20 years in jail. The unprecedented court appearance came the day after the 64-year-old was arrested at his luxury home by officers probing how billions of dollars of state funds disappeared on his watch. Allegations of massive corruption were a major factor behind the shock election loss in May of Najib’s long-ruling coalition to a reformist alliance headed by his 92-year-old former mentor Mahathir Mohamad. Wednesday’s court hearing was the latest step in a quick-moving investigation into alleged … [Read more...] about Ex-Malaysian PM Najib charged with corruption
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