1MDB: Difference between revisions

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Razak was alleged to have channeled over $700 million of 1MDB’s assets into his personal bank account. The U.S. Department of Justice later found that more than US$4.5 billion had been diverted from 1MDB by scheme mastermind Jho Low and other conspirators and used to support lavish lifestyles, fund political causes, buy luxury items, properties, super-yachts, and to produce, of all films, ''The Wolf of Wall Street''. Give them credit for brass necks.  
Razak was alleged to have channeled over $700 million of 1MDB’s assets into his personal bank account. The U.S. Department of Justice later found that more than US$4.5 billion had been diverted from 1MDB by scheme mastermind Jho Low and other conspirators and used to support lavish lifestyles, fund political causes, buy luxury items, properties, super-yachts, and to produce, of all films, ''The Wolf of Wall Street''. Give them credit for brass necks.  


This caused a major political scandal in Malaysia, triggering protests and backlash. After several Malaysian investigations were opened, Najib responded by dismissing several of his critics from government positions, including his deputy Muhyiddin Yassin and attorney-general Abdul Gani Patail. Charges against Najib were subsequently dismissed.[9] Among Najib's critics was former ally and Malaysia's fourth Prime Minister Mahathir Mohamad,[10] who chaired the Malaysian Citizens' Declaration, bringing together political figures and other organisations in calling for Najib Razak's resignation or removal. The Malaysian Conference of Rulers called for prompt investigation of the scandal, saying that it was causing a crisis of confidence in Malaysia.[11][12]
Goldman Sachs was charged under the Foreign Corrupt Practices Act and agreed to pay over $2.9 billion in a settlement with the U.S. Department of Justice in connection with a $3bn bond issue. At least one Goldman Managing Director, Roger Ng, has been sentenced to 10 years in prison, while Leissner, who pled guilty and testified against Ng, is awaiting sentencing.<ref>[https://www.justice.gov/opa/pr/former-goldman-sachs-investment-banker-sentenced-27b-bribery-and-money-laundering-scheme Justice Department press release]</ref>
 
Goldman Sachs was charged under the Foreign Corrupt Practices Act and agreed to pay over $2.9 billion in a settlement with the U.S. Department of Justice in connection with a $3bn bond issue.

Revision as of 00:29, 2 April 2023

Chez Guevara — Dining in style at the Disaster Café™

Extract from the JC’s financial disasters roll of honour
Scandal Date Where Loss Reason Firings Jail-Time?
1MDB 2016 Malaysia, but tentacles stretching all over the world: USA, Saudi Arabia, Singapore, Switzerland, China Somewhere between $4.5bn and $8bn Colossal fraud, corruption, money laundering and hip-hop Hell yeah. Prime Ministers, Goldman Sachs Partners, and one dude — Jho Low — on the lam in rural china You betcha: Australia, Hong Kong, Indonesia, Luxembourg, Seychelles, Singapore, Switzerland, UAE, UK and US are all actively pursuing action. The two Goldman partners pled or were found guilty; one sentenced to 10 years, one awaiting sentencing. Malaysian PM and wife convicted and sentenced to 10+ years with money laundering. If anyone catches Jho Low he’s for the high jump too.

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A doozy.

The 1Malaysia Development Berhad — once the name of a harmless and well-intended sovereign wealth fund, now is a watchword for jaw-dropping corruption, bribery and money-laundering conspiracy to embezzle the fund, known as 1MDB by diverting billions of dollars of its assets to politicians —including that Malaysia’s then-Prime Minister Najib Razak — bankers, including former Goldman Sachs chairman Tim Leissner, enablers and, well, rap stars.

Razak was alleged to have channeled over $700 million of 1MDB’s assets into his personal bank account. The U.S. Department of Justice later found that more than US$4.5 billion had been diverted from 1MDB by scheme mastermind Jho Low and other conspirators and used to support lavish lifestyles, fund political causes, buy luxury items, properties, super-yachts, and to produce, of all films, The Wolf of Wall Street. Give them credit for brass necks.

Goldman Sachs was charged under the Foreign Corrupt Practices Act and agreed to pay over $2.9 billion in a settlement with the U.S. Department of Justice in connection with a $3bn bond issue. At least one Goldman Managing Director, Roger Ng, has been sentenced to 10 years in prison, while Leissner, who pled guilty and testified against Ng, is awaiting sentencing.[1]

  1. ↑ Justice Department press release
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