Home English News Prosecution to amend charges in Goldman Sachs’ 1MDB bond sale case

Prosecution to amend charges in Goldman Sachs’ 1MDB bond sale case

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KUALA LUMPUR- The prosecution in the case involving UK-based Goldman Sachs International Ltd and its Asian entities, Goldman Sachs (Asia) LLC and Goldman Sachs (Singapore), which are facing charges relating to the sale of 1Malaysia Development Berhad (1MDB) bonds amounting to RM27.2 billion (US$6.5 billion), will be putting some amendments to the charges.

Deputy Public Prosecutor Manoj Kurup told reporters, the amendments are with respect to liability.

“According to the counsels, those amendments are quite substantial, so they need time to get instructions.

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“We also need time to serve amended charges on the parties that are all in overseas as we are closing our borders until Aug 31 (because of the Recovery Movement Control Order).

“The court has given Sept 4 for further case management, so on that day we will be putting in some amendments to the existing charges,” he said after the case management before High Court Judge Mohamed Zaini Mazlan in chambers here, today.

Lawyers Hisyam Teh Poh Teik, Krishna Dallumah, Datuk Prem Ramachandran and Chetan Jethawani represented Goldman Sachs.

On Feb 24, Goldman Sachs through its representative, Ng Keng Leong, pleaded not guilty to the charges before Justice Mohamed Zaini.

The court has fixed the hearing to begin on Nov 9 this year.

In December 2018, Malaysia filed four charges against the three entities for allegedly leaving out material facts on the sales of bonds between a subsidiary of 1MDB and Aabar Investment PJS Ltd (Aabar).

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

The company was charged under Section 179 (c) of the Capital Markets and Services Act 2007 and punishable under Section 182 of the same Act which provides for imprisonment for a term not exceeding 10 years and fined not less than RM1 million, upon conviction.

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

— BERNAMA