The Goldman Sachs Group, Inc.
|Company Name||The Goldman Sachs Group, Inc.|
According to data gathered by Bloomberg in 2016, Goldman Sachs has been involved in “$18.8 billion of Malaysian mergers and acquisitions over the past five years, making it the top foreign adviser with a 20.5[%] market share.” The business Goldman Sachs’ was involved in Malaysia included raising funds for 1Malaysia Development Berhad (“1MDB”), a Malaysian state-owned investment fund set up in 2009 initially to establish financing for economic and infrastructure deals throughout Malaysia.
As of early 2015, 1MDB has been subject to international criminal and regulatory investigations for potential fraud and money laundering linked to missing payments of $11 billion owed to banks and bondholders. Investigational articles published by the Wall Street Journal throughout 2015 detailed how money was funded from 1MDB to Malaysian Prime Minister Najib Razak’s 2013 election campaign, with further investigation tracing close to $700 million in deposits in personal bank accounts believe to be held by Najib Razak. Following this investigation, the U.S. Department of Justice implicated two formed Goldman Sachs managing directors along with high-level 1MDB officials and associates for misappropriation of an estimated $4.5 billion from 1MDB between 2009 and 2014.
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