KUALA LUMPUR (Reuters) - A Malaysian court on Monday declined to grant bail to former Goldman Sachs <GS.N> banker Roger Ng, pending his extradition to the United States where he faces charges related to suspected money laundering of funds siphoned off from state fund 1MDB. Ng has been detained in Kuala Lumpur since Nov. 1 last year, shortly after the U.S. Department of Justice announced charges against him, another Goldman Sachs official Tim Leissner, and Malaysian financier Low Taek Jho over the alleged theft of billions of dollars from 1Malaysia Development Berhad (1MDB). Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiring to launder money and violate the Foreign Corrupt Practices Act, while Low has denied wrongdoing and remains at large. Malaysian prosecutors have filed separate criminal charges against the three, as well as an application to extradite Ng to the United States. Defence lawyer Tan Hock Chuan last week had requested for Ng to be … [Read more...] about Ex-Goldman Sachs banker denied bail in Malaysia pending extradition to U.S.
U s foreign corrupt practices act
WASHINGTON (Reuters) - The U.S. Justice Department is set to announce multiple criminal charges on Thursday against two former Goldman Sachs Inc <GS.N> bankers and Malaysian financier Jho Low tied to the Malaysia 1MDB sovereign wealth fund scandal, the Wall Street Journal reported. Citing sources familiar with the case, the Wall Street Journal said Tim Leissner, former partner for Goldman Sachs in Asia, is expected to plead guilty to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act, and will forfeit $43.7 million (33.8 million pounds). Roger Ng, the other former Goldman banker, was arrested in Malaysia and Jho Low, last seen in China, will be indicted. Goldman, which generated about $600 million in fees for its work with 1MDB, has in the past repeatedly denied any wrongdoing and said it is fully cooperating with authorities. Reuters could not immediately confirm the report. An estimated $4.5 billion was misappropriated from 1Malaysia … [Read more...] about U.S. to announce charges against former Goldman bankers for 1MDB -WSJ
By Zandi Shabalala LONDON (Reuters) – A U.S. demand for documents related to Glencore’s <GLEN.L> assets in Democratic Republic of Congo (DRC) as part of a corruption probe has rattled investors and is likely to weigh on the miner’s performance until there is more clarity on the case. Glencore said it had received a subpoena from the U.S. Department of Justice dated July 2 requesting documents for its Congo business over compliance with the U.S. Foreign Corrupt Practices Act and rules against money laundering. The Switzerland-based company, which said documents for Venezuela and Nigeria were also requested, provided few details, although it said it would cooperate with the authorities. News of the subpoena led to the biggest one-day drop in the firm’s share price for two years. Glencore is now down about 20 percent so far this year, trading around 314 pence on Thursday. By comparison, shares in London-listed mining rivals Rio Tinto <RIO.L>, Anglo … [Read more...] about Glencore shares under cloud after U.S demands Congo documents in probe
By Jonathan Stempel NEWYORK (Reuters) – Glencore Plc <GLEN.L> faces at least two lawsuits by U.S. shareholders accusing the big Anglo-Swiss mining company of having made false and misleading disclosures before it received a subpoena in a corruption probe, and its stock tumbled. The lawsuits were filed on Monday with the U.S. District Court in Newark, New Jersey, and on Wednesday after market hours with the U.S. District Court in Manhattan. They accused Glencore of concealing how its conduct would subject it to heightened regulatory scrutiny into its compliance with money laundering and bribery laws, including the U.S. Foreign Corrupt Practices Act. Glencore did not immediately respond after market hours on Wednesday to requests for comment. Chief Executive Ivan Glasenberg is a defendant in both lawsuits, and Chief Financial officer Steven Kalmin is a defendant in the New Jersey lawsuit. Glencore’s U.S.-listed shares fell 9 percent on July 3 after the company disclosed … [Read more...] about Glencore faces lawsuits over U.S. subpoena, stock drop
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