Goldman’s role in the 1MDB corruption scandal in 300 words

Goldman’s role in the 1MDB scandal in 300 words

The 1MDB corruption scandal has cast a shadow over Goldman Sachs, raising questions about how much the US investment bank knew about the misconduct. The firm helped raise $6.5bn (£5bn) for the Malaysian development fund, advising on three bond offerings in 2012 and 2013.

What is Goldman accused of?

The firm helped raise $6.5bn (£5bn) for the Malaysian development fund, advising on three bond offerings in 2012 and 2013.

Prosecutors allege more than $2.7bn was later embezzled, used to bribe government officials and buy luxury items.

In November, Goldman’s lead banker on the deals, Tim Leissner, pleaded guilty in US court to participating in the bribery and money laundering schemes.

Malaysia’s attorney general then charged Goldman with helping to “dishonestly misappropriate” money from the fund.

He noted that the $600m Goldman earned for its work was “several times higher” than industry norms.

The firm remains under investigation in the other countries, including the US, and is also facing lawsuits from investors.

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