Goldman Sachs bankers accused of aiding in fund plundering

Key points:

• Goldman Sachs bankers have been accused of assisting a Malaysian financier in plundering billions of dollars from the 1Malaysia Development Berhad sovereign wealth fund.

Goldman Sachs, a prestigious investment bank, is facing accusations of being involved in the misappropriation of funds from the 1Malaysia Development Berhad (1MDB) sovereign wealth fund. It is alleged that the bank’s bankers aided a Malaysian financier in siphoning off billions of dollars from the fund. This scandal has ignited a global controversy and tarnished Goldman Sachs’ reputation.

Hot take:

Looks like some bankers went for the gold, but wound up being caught in a heist. Goldman Sachs might need to work on their security system to prevent any more questionable transactions.

Original article: https://www.cnbc.com/2023/08/21/malaysias-anwar-vows-to-recover-goldman-1mdb-settlement-warns-of-lawsuits.html