20
Jun
16

New York Bank Regulator to Examine Goldman’s Dealings With 1MDB

New York Bank Regulator to Examine Goldman’s Dealings With 1MDB

Goldman Sachs Group Inc. is drawing scrutiny from New York’s bank regulator over its fundraising for Malaysia’s embattled 1MDB fund, according to a person briefed on the matter, as questions mount about the bank’s role in the international scandal.

New York’s Department of Financial Services asked Goldman Sachs on Thursday to swiftly report on its internal review of more than $6 billion in bond sales for 1Malaysia Development Bhd., this person said. In a letter, the New York bank regulator also asked Goldman to provide an overview, by June 14, of every investigation in the U.S. and abroad into its work for the fund, which is known as 1MDB.

The New York bank regulator joins the U.S. Justice Department, Federal Reserve and Securities and Exchange Commission in examining Goldman’s dealings with 1MDB.

Goldman Sachs, through a spokesman, declined to comment.

The Malaysia fund is at the center of several international investigations into alleged corruption and money laundering by public officials. Prosecutors in at least four countries — Singapore, Switzerland, Luxembourg and the United States — are looking into money flows from the investment vehicle, which was established for national development.

Among the questions asked by some international authorities is whether politically connected individuals in Kuala Lumpur may have benefited financially from the fund, whose advisory board was headed by Malaysia’s prime minister, Najib Razak. Both 1MDB and the prime minister have denied wrongdoing.

DFS has jurisdiction in the matter because it licenses banks chartered by the state of New York. Nationally chartered banks are regulated by the federal Office of the Comptroller of the Currency.

…more
New York Bank Regulator to Examine Goldman’s Dealings With 1MDB
Greg Farrell
June 10, 2016 — Bloomberg

Advertisements

0 Responses to “New York Bank Regulator to Examine Goldman’s Dealings With 1MDB”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?

Archives


%d bloggers like this: