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Abu Dhabi fund sues Goldman Sachs over 'central role' in 1MDB scam
Source: CNN
Abu Dhabi fund sues Goldman Sachs over 'central role' in 1MDB scam
By Julia Horowitz, CNN Business
Updated 1819 GMT (0219 HKT) November 21, 2018
New York (CNN Business) — An Abu Dhabi sovereign wealth fund has sued Goldman Sachs for losses tied to the 1MDB embezzlement scandal. The lawsuit deepens scrutiny of Goldman for its alleged role in the saga.
International Petroleum Investment Company, and its subsidiary, Aabar, on Wednesday filed a summons in New York state court naming the investment bank as a defendant.
Goldman Sachs (GS) played a "central role" in implicating IPIC in the scheme to launder money from Malaysia's sovereign wealth fund, 1Malaysia Development Berhad, the fund said in a statement. 1MDB and IPIC had been business partners before the 1MDB fund erupted in controversy.
The Abu Dhabi fund claims Goldman conspired with others to bribe former executives of IPIC and Aabar, inducing them to "misuse the companies' names, networks, and infrastructures to further the criminal schemes and to personally benefit Goldman Sachs" and others, according to the court filing. It did not say how much in damages IPIC is seeking.
The bank said it intends to fight the claims.
-snip-
By Julia Horowitz, CNN Business
Updated 1819 GMT (0219 HKT) November 21, 2018
New York (CNN Business) — An Abu Dhabi sovereign wealth fund has sued Goldman Sachs for losses tied to the 1MDB embezzlement scandal. The lawsuit deepens scrutiny of Goldman for its alleged role in the saga.
International Petroleum Investment Company, and its subsidiary, Aabar, on Wednesday filed a summons in New York state court naming the investment bank as a defendant.
Goldman Sachs (GS) played a "central role" in implicating IPIC in the scheme to launder money from Malaysia's sovereign wealth fund, 1Malaysia Development Berhad, the fund said in a statement. 1MDB and IPIC had been business partners before the 1MDB fund erupted in controversy.
The Abu Dhabi fund claims Goldman conspired with others to bribe former executives of IPIC and Aabar, inducing them to "misuse the companies' names, networks, and infrastructures to further the criminal schemes and to personally benefit Goldman Sachs" and others, according to the court filing. It did not say how much in damages IPIC is seeking.
The bank said it intends to fight the claims.
-snip-
Read more: https://edition.cnn.com/2018/11/21/business/goldman-sachs-1mdb-lawsuit-abu-dhabi/index.html
