Singapore Starts Probing Goldman Sachs for 1MDB Scandal
Singapore’s law enforcement authorities have extended their criminal probe against the Malaysian state investment fund 1Malaysia Development Berhad (1MDB) to include Goldman Sachs, according to a Bloomberg report.
Although the city-state’s authorities have been investigating Goldman Sachs’ involvement with the Malaysian scandal-plagued firm since 2017, now they are focusing on the firm’s local unit. The primary focus of the investigation is to see if Goldman’s Singapore subsidiary was involved in moving around $600 million acquired from the three controversial bond deal sales from 2012 to 2013.
The Scandal Explained
1MDB came under the limelight soon after its establishment in 2009, which was then chaired by the former Malaysian Prime Minister Najib Razak. Leaked financial documents surfaced that huge sums of money were borrowed via government bonds and syphoned into bank accounts in Switzerland, Singapore, and the US.