DIRS.INFO The most relevant business & tech news

☆ Tycoon’s death penalty in $12.5 billion fraud case highlights Vietnam’s corruption crisis
▼ + stars: | 2024-04-12 | by ( Heather Chen | ) edition.cnn.com time to read: +12 min

The scale of the fraud was said to be equivalent to roughly 3% of Vietnam’s economy. Though widely considered ceremonial, the presidency is one of the top three positions in Vietnam’s political hierarchy after the CPV’s Secretary General, currently Nguyen Phu Trong. In fact, the International Monetary Fund expects Vietnam’s economy to grow by 5.8% this year, compared to 4.6% for China. Their fate remains unclear, given the highly secretive nature of Vietnam’s political system. But Vietnamese political experts said a permanent appointment would not end the instability.

Persons: Truong My Lan, Van Thinh, siphoned, “, Eric Chu, Vietnam’s, Vo Van, Trong, Thuong, Vo Van Thuong, Richard A, Brooks, Nguyen Xuan Phuc, Pham Binh, Le Hong Hiep, Yusof, ” Hiep, ”, Thu, General Trong, Xi Jinping, ” Zachary Abuza, Salt Bae, Lam, ” Abuza, Nguyen Phu Trong, Evelyn Hockstein, Abuza, Bui Thanh Soh, ” Soh, Vo, Xuan, Thuong’s, Le Hong Organizations: CNN, Van Thinh Phat Holdings Group, Stock Commercial Bank, Reuters, SCB, Express, Communist Party, Institute, Crisis Group, National War College, Vietnamese Communist Party, Public Security, Vietnam, International Monetary Fund, Companies, Apple, Intel, Vietnam's Communist Party General, Yusof, Brookings Institution, “, Crisis Locations: Vietnam, Saigon, People’s, Ho Chi Minh City, Hong Kong, Duc, Singapore, Asia, China, Washington, “, London, Turkish, Hanoi, Bangkok

☆ Vietnam wants to take China's place as a new factory of the world — but a $12 billion financial fraud case is getting in the way
▼ + stars: | 2024-04-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Vietnamese real-estate tycoon Truong My Lan was sentenced to death for her role in a $12.5 billion fraud case. Lan's fraud case is part of Communist Party Secretary Nguyen Phu Trong's corruption crackdown. Lan, the chairwoman of real-estate developer Van Thinh Phat Group, was arrested in 2022 over the fraud case. AdvertisementThe high-profile fraud case has scandalized the country and is raising questions about the one-party state. For context on the scale of the Vietnam fraud case, consider the 1MDB case, which rocked Malaysia and the world when it started to unravel in 2015.

Persons: Truong, Lan, Communist Party Secretary Nguyen Phu, —, Van Thinh, Zachary Abuza, Trang Bui, Bui Organizations: Communist Party Secretary, Service, Prosecutors, Vietnamese Communist Party, National War College, Washington DC, Bloomberg, Cushman, Nikkei Locations: Vietnam, China, Malaysia, Malaysian, Hanoi, Washington, Wakefield

☆ Wirecard tried to destroy its whistleblower. Now, he's founded a startup to protect others who speak out.
▼ + stars: | 2024-03-29 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +6 min

Read previewBeing a whistleblower was antithetical to everything Pav Gill had done during his nine-year stint as a corporate lawyer. When Wirecard headhunted the Singaporean native to be its head of legal, Gill took up the position enthusiastically. Despite the fruitful outcome, the experience of being a whistleblower traumatized Gill. AdvertisementThis realization was the driving force behind Gill setting up his startup — Confide — a platform for 'internal whistleblowers' to raise issues within their organizations. AdvertisementGill anticipates that this model will work best for companies with over 50 employees, and ideally above 250 employees.

Persons: —, Pav Gill, Gill, foraying, Wirecard, Gill's, don't, " Gill, they're Organizations: Service, Allen, Business, Financial, Directive, EU Locations: Wirecard, Asia, Singapore, ESG

☆ Malaysia cuts prison sentence of disgraced former Prime Minister Najib Razak
▼ + stars: | 2024-02-02 | by ( Heather Chen | ) edition.cnn.com time to read: +2 min

CNN —Malaysia has cut former Prime Minister Najib Razak’s 12-year prison sentence for corruption in half, according to authorities in the Southeast Asian country. Najib, who served as prime minister from 2009 to 2018, was found guilty of money laundering, abuse of power and other charges in 2020 related to the 1MDB scandal, which saw billions of dollars of taxpayers’ money embezzled out of Malaysia. In a statement Friday, the country’s Federal Territories Pardon Board said the former leader’s application to shorten his prison sentence to six years had been approved. The 1MDB fund was created soon after Najib took office in 2009. Goldman Sachs, which underwrote much of the 1MDB fund and was facing a host of criminal and regulatory proceedings in Malaysia, agreed to a $3.9 billion settlement with the country’s government in 2020.

Persons: Najib Razak’s, Najib, 1MDB, Goldman Sachs Organizations: CNN, United Locations: Malaysia, Territories, United States

☆ Malaysia Pardons Board Halves Jail Sentence of Jailed Ex-Pm Najib
▼ + stars: | 2024-02-02 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

KUALA LUMPUR (Reuters) - A Malaysian pardons board on Friday said it has decided to halve the jail sentence of former Prime Minister Najib Razak, who was convicted of graft and money laundering related to the multibillion-dollar 1MDB scandal. Najib, who is serving a 12-year jail term, will be released in August 2028 and fines imposed on him reduced to 50 million ringgit ($10.59 million) from 210 million ringgit, the board's secretariat said in a statement. Najib was jailed for graft linked to state fund 1Malaysia Development Berhad (1MDB), from which U.S. and Malaysian investigators estimate $4.5 billion was stolen and more than $1 billion channeled to accounts linked to the former premier. ($1 = 4.7220 ringgit)(Reporting by Rozanna Latiff; Editing by Martin Petty)

Persons: Najib Razak, Najib, Rozanna Latiff, Martin Petty Organizations: Reuters, Malaysian, 1Malaysia Development Locations: KUALA LUMPUR

☆ Malaysia halves jail sentence of ex-prime minister Najib
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: +3 min

Najib Razak, Malaysia's former prime minister, gestures as he leaves the Kuala Lumpur Courts Complex in Malaysia, on Thursday, Sept. 20, 2018. The board, chaired by Malaysia's king, did not give a reason for halving Najib's sentence. It said if Najib failed to pay the fine given, an additional year would be imposed on his jail term. Malaysia's king plays a largely ceremonial role but can pardon convicted people among discretionary powers granted by the federal constitution. The pardons board, which advises the king, includes the attorney-general and government officials.

Persons: Najib Razak, Anwar Ibrahim's, Anwar, Najib, Malaysia's, Jho Low, Al, Sultan Abdullah Ahmad Shah, Sultan Abdullah, Sultan Ibrahim Sultan Iskandar Organizations: United National Malays Organisation, 1Malaysia Development, Saudi Locations: Kuala Lumpur, Malaysia, Johor .

☆ Malaysia Cabinet Discusses Najib Pardon Bid, but Won't Announce Outcome - Minister
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

It will be at the discretion of the Pardons Board to announce its decision, Saifuddin Nasution Ismail said at a press conference on immigration and labour issues, which was packed with media seeking news on Najib's clemency bid. Najib requested a royal pardon shortly after beginning his sentence in 2022 and after exhausting all other appeals. Najib's lawyer and representatives, as well as Malaysia's attorney-general, a member of the pardons board, did not respond to Reuters' requests for comment. "Let us not jump the gun, let us wait for an official statement to be made," Communications Minister Fahmi Fadzil said at a separate press briefing. U.S. and Malaysian investigators estimate around $4.5 billion was stolen from 1MDB, with more than $1 billion channeled to accounts linked to Najib.

Persons: Danial Azhar, Najib Razak, Saifuddin Nasution Ismail, Najib, Prime Minister's Department Zaliha Mustafa, Najib's, Fahmi Fadzil, Jho Low, Nooryana Najwa Najib, pensively, Martin Petty Organizations: Reuters, 1Malaysia Development, Prime Minister's Department, Communications, Saudi Locations: KUALA LUMPUR

WASHINGTON (AP) — A prominent defense attorney whose star clients have included Snoop Dogg pleaded guilty Friday to leaking grand jury information to reporters about a political conspiracy case against a rapper from the Fugees. Michel's trial included testimony from such figures as actor Leonardo DiCaprio and former U.S. Attorney General Jeff Sessions. Kenner’s attorney said in court documents that the reporters originally agreed to sign a protective order, but later changed their minds. L. Barrett Boss, one of the defense attorneys, said Kenner was planning to retire after Michel’s trial. But Boss said Kenner is “very strained financially” because he spent $1.4 million “out of pocket” on Michel’s defense.

Persons: Snoop Dogg, David Kenner, Suge Knight, Tory Lanez, Kenner, ” Michel, Leonardo DiCaprio, Jeff Sessions, ” Kenner, Michel, Peter Zeidenberg, Kenner misattributing, Diddy, Judge Amit Mehta, Mehta, Barrett Boss, Boss, Pras Michel, Erica Dumas, Barack Obama’s, Trump, DiCaprio, Jho, _____ Whitehurst Organizations: WASHINGTON, Bloomberg News, U.S, Bloomberg, Kenner, Justice Department, Hollywood Locations: California, Washington, U.S, Malaysian, China, Philadelphia

☆ Jailed former Malaysian PM Najib in hospital with COVID-19
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +2 min

Former Malaysian Prime Minister Najib Razak attends a news conference at the Federal Court in Putrajaya, Malaysia August 16, 2022. REUTERS/Hasnoor Hussain Acquire Licensing RightsKUALA LUMPUR, Nov 2 (Reuters) - Malaysia's jailed former prime minister Najib Razak has been admitted to a hospital after testing positive for COVID-19, his spokesperson said on Thursday. Najib, 70, is in stable condition and is undergoing quarantine and treatment at the hospital, his aide, Muhamad Mukhlis Maghribi, said. U.S. and Malaysian investigators estimate some $4.5 billion was stolen from 1MDB - co-founded by Najib during his first year as prime minister in 2009 - and that more than $1 billion went to accounts linked to Najib. Since then, Najib has been in and out of hospital for several issues, including stomach ulcers and high blood pressure.

Persons: Najib Razak, Hasnoor Hussain, Malaysia's, Najib, Muhamad Mukhlis Maghribi, Rozanna Latiff, Robert Birsel Organizations: Malaysian, Federal, REUTERS, 1Malaysia Development, Thomson Locations: Putrajaya, Malaysia, KUALA LUMPUR

☆ Malaysia says Goldman Sachs suit 'premature' amid dispute over 1MDB settlement
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Olivia Harris/File Photo Acquire Licensing RightsKUALA LUMPUR, Oct 12 (Reuters) - A Malaysian government task force said on Thursday it viewed Goldman Sachs' (GS.N) filing of arbitration proceedings as premature, after the firm sued Malaysia in a British court this week amid an escalating dispute over a 2020 settlement deal. Goldman Sachs in 2020 had agreed to pay $3.9 billion to settle Malaysia's criminal probe over its role in the multi-billion dollar 1MDB corruption scandal. Malayia's 1MDB task force said Goldman Sachs had requested an extension on a Nov. 8 deadline for discussions to settle the dispute. Goldman Sachs lodged its suit less than two months after Malaysian Prime Minister Anwar Ibrahim threatened to take the company to court. Goldman had helped 1MDB raise $6.5 billion in two bond offerings, earning itself $600 million in fees, according to the U.S. Justice Department.

Persons: Olivia Harris, Goldman Sachs, Goldman, Malayia's, Johari Abdul Ghani, Johari, Anwar Ibrahim, Rozanna Latiff, Martin Petty, Simon Cameron, Moore Organizations: Development, Exchange, REUTERS, Malaysia, Malaysian, U.S . Justice Department, Thomson Locations: Kuala Lumpur, Malaysia, KUALA LUMPUR, Malaysian, U.S

☆ Explainer: Goldman Sachs and its role in the multi-billion dollar 1MDB scandal
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +5 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. 1MDB was a sovereign fund set up in 2009 with the help of Malaysian financier Jho Low to promote economic development. The United States has said the 1MDB case was its largest ever kleptocracy investigation. Low, a fugitive, has been charged in Malaysia and the United States over his central role in the case. Goldman has been investigated by regulators in at least 14 countries for its role in underwriting the 1MDB bond issues.

Persons: Goldman Sachs, Andrew Kelly, Najib Razak, Goldman, 1MDB, Jho Low, Najib, Low, GOLDMAN, Tim Leissner, Roger Ng, Goldman's, Anwar Ibrahim, Simon Cameron, Moore Organizations: New York Stock Exchange, REUTERS, Goldman Sachs, Malaysia, Malaysian, 1Malaysia, U.S . Department of Justice, The United, DoJ, United Malays National Organisation, GOLDMAN, London Court, Thomson Locations: New York City , New York, U.S, KUALA LUMPUR, The United States, Malaysia, United States, China, Beijing, MALAYSIA, Malaysian

☆ Malaysia denies Goldman Sachs' allegations in 1MDB arbitration suit
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: +2 min

The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City. The Malaysian government on Thursday denied allegations by Goldman Sachs that it had breached a settlement deal over the U.S. bank's role in the multi-billion dollar 1MDB corruption scandal, after the firm sued Malaysia in a British court. Goldman Sachs in 2020 had agreed to pay $3.9 billion to settle Malaysia's criminal probe over its role in the multi-billion dollar 1MDB corruption scandal. Earlier, Malaysia's 1MDB task force said Goldman Sachs' move to sue in a London arbitration court was "premature". Goldman Sachs lodged its suit less than two months after Malaysian Prime Minister Anwar Ibrahim threatened to take the company to court.

Persons: Goldman Sachs, Goldman, Chambers, Johari Abdul Ghani, Johari, Anwar Ibrahim Organizations: New York Stock Exchange, Malaysian, U.S, Malaysia, Malaysia's, U.S . Justice Department Locations: New York City, Malaysia, London, Malaysian, U.S

☆ Goldman Sachs sues Malaysia as discord over 1MDB settlement escalates
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Men walk past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015. REUTERS/Olivia Harris/ File Photo Acquire Licensing RightsOct 11 (Reuters) - Goldman Sachs Group (GS.N) is suing Malaysia in a UK court, a source familiar with the matter told Reuters, as tensions escalate over a settlement linked to its role in the 1MDB investment-fund scandal. The arbitration has been filed with the London Court of International Arbitration (LCIA), the source said. In 2020, Goldman Sachs had agreed to pay $3.9 billion to settle Malaysia's criminal probe over the U.S. investment bank's role in the multibillion-dollar 1MDB scandal. The United States has been returning funds it has recovered from seized assets that were allegedly bought with stolen 1MDB money.

Persons: Olivia Harris, Goldman Sachs, Najib Razak, Goldman, Samrhitha, Shinjini Organizations: Malaysia Development Berhad, Tun, Exchange, REUTERS, Goldman Sachs, London Court, International, Government, Reuters, Malaysian, Prosecutors, United, Bloomberg News, Thomson Locations: Malaysia, Kuala Lumpur, U.S, United States, Bengaluru

☆ Former Goldman banker Ng to be returned in Malaysia in 1MDB case
▼ + stars: | 2023-10-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

In a letter filed on Thursday in Brooklyn federal court, U.S. prosecutors asked a judge to order Ng's surrender to the U.S. Marshals Service by Friday so he could be turned over to Malaysian law enforcement, who would transport him to their country. The case stemmed from about $6.5 billion in bonds that Goldman helped 1MDB sell in 2012 and 2013. Goldman settled with authorities in October 2020, agreeing to pay $2.9 billion and having its Malaysian unit plead guilty to a corruption charge. Ng had been arrested in Malaysia in November 2018, and agreed to be extradited to the United States.

Persons: Goldman Sachs, Roger Ng, Ng, Ng's, Ng Chong Hwa, Goldman, 1MDB, Margo Brodie, Tim Leissner, Jho, Jonathan Stempel, Richard Chang Organizations: U.S . Marshals, U.S, Malaysian, Thomson Locations: New York, Brooklyn, U.S, United States, Kuala Lumpur, Malaysian, Malaysia . U.S, 1MDB, Malaysia

☆ Former Goldman banker Ng to be returned to Malaysia in 1MDB case
▼ + stars: | 2023-10-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Ex-Goldman Sachs banker Roger Ng and his lawyer Marc Agnifilo leave the federal court in New York, U.S., May 6, 2019. Marshals Service by Friday so he could be turned over to Malaysian law enforcement, who would transport him to their country. The case stemmed from about $6.5 billion in bonds that Goldman helped 1MDB sell in 2012 and 2013. Goldman settled with authorities in October 2020, agreeing to pay $2.9 billion and having its Malaysian unit plead guilty to a corruption charge. Ng had been arrested in Malaysia in November 2018, and agreed to be extradited to the United States.

Persons: Goldman Sachs, Roger Ng, Marc Agnifilo, Margo Brodie, Ng's, Ng, Brodie, Ng Chong Hwa, Goldman, 1MDB, Tim Leissner, Jho, Jonathan Stempel, Richard Chang 私 Organizations: REUTERS, Chief U.S, U.S . Marshals, U.S, Malaysian Locations: New York, U.S, Brooklyn, United States, Kuala Lumpur, Malaysian, Malaysia, 1MDB

Malaysia's Prime Minister Anwar Ibrahim attends the 26th ASEAN-China Summit at the 43rd ASEAN Summit in Jakarta, Indonesia, on September 6, 2023. Hassan Karim, a lawmaker from Anwar's People's Justice Party, said he felt "let down" by the premier, whom he described as a close friend. The AGC has said it dropped charges against Ahmad Zahid to review new evidence, and reiterated that its decisions were made independently. On Saturday, around 1,000 people turned up at a protest in Kuala Lumpur organised by Malaysia's opposition, calling for Ahmad Zahid to be prosecuted and chanting "reforms are dead." Najib has sought a royal pardon over his conviction and requested other charges that he faces to be reviewed.

Persons: Anwar Ibrahim, Yasuyoshi, Anwar Ibrahim's, Anwar, Ahmad Zahid Hamidi, Najib Razak, Hassan Karim, Ahmad Zahid, Najib, MUDA, Syed Saddiq Syed Abdul Rahman, Syed Ibrahim Syed Noh, Ahmad Zahid's, Wong Chin Huat, Wong, Rozanna Latiff, Danial Azhar, Hasnoor Hussain, Kim Coghill Organizations: Malaysia's, China, ASEAN Summit, 1Malaysia Development, People's Justice Party, Reuters, United Malays National Organisation, Malaysia's Sunway University, Thomson Locations: ASEAN, Jakarta, Indonesia, KUALA LUMPUR, Malaysia, Kuala Lumpur

☆ Malaysia fails to appeal ex-PM Najib's acquittal in 1MDB audit tampering case
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

Former Malaysian Prime Minister Najib Razak speaks to journalists outside the Federal Court during a court break, in Putrajaya, Malaysia August 23, 2022. Najib, 70, is serving a 12-year jail sentence for another corruption case linked to 1Malaysia Development Berhad (1MDB). The attorney-general's chambers was expected to appeal Najib's acquittal earlier this year of a charge of abusing his position as prime minister to amend a government audit into 1MDB . But Najib's lawyers at Shafee & Co said in a statement, "the prosecution evidently found no grounds for appeal" and did not file the petition. Anwar has maintained that the move to drop the case, which triggered a widespread public backlash, was made without his interference.

Persons: Najib Razak, Lai Seng, Anwar Ibrahim, Anwar, Najib, Ahmad Zahid Hamidi, Danial Azhar, Kanupriya Kapoor Organizations: Malaysian, REUTERS, 1Malaysia Development, Shafee, U.S . Justice Department, Malaysian United Democratic Alliance, Thomson Locations: Putrajaya, Malaysia, KUALA LUMPUR, 1MDB

☆ Singapore’s wealth boom hits most sensitive phase
▼ + stars: | 2023-09-06 | by ( Anshuman Daga | ) www.reuters.com time to read: +5 min

REUTERS/Edgar Su Acquire Licensing RightsSINGAPORE, Sept 6 (Reuters Breakingviews) - Singapore’s wealth boom may be set for a pause. The amount involved has almost doubled and banks, realtors and jewellery dealers have been caught up in the ring. It is the most eye-catching saga since 2015 when Singapore’s banks were involved in the 1MDB Malaysian sovereign fund mess. As Singapore’s success as a financial centre grows, so too does its vulnerability to dirty money. A thornier problem is Singapore’s desire to avoid perceptions it is capitalising on the troubles of China, its top trade partner.

Persons: Edgar Su, Una Galani, Katrina Hamlin, Pranav Kiran Organizations: REUTERS, Rights, Reuters, realtors, DBS, Deutsche Bank, Bloomberg, Reuters Graphics Reuters, Monetary Authority of, U.S, Police, Thomson Locations: Marina Bay, Singapore, Rights SINGAPORE, China, Malaysian, Hong Kong, Monetary Authority of Singapore

"The United States is also working to ensure that the procedures governing the defendant's return to Malaysia will not unduly delay the service of his U.S. sentence," prosecutors said. Ng's lawyers agreed to the one-month delay, prosecutors said. The case stemmed from about $6.5 billion in bonds that Goldman helped 1MDB sell in 2012 and 2013. Agnifilo said at the hearing that Malaysia wanted Ng's cooperation with an ongoing 1MDB probe. Ng was arrested in Malaysia in Nov. 2018 and agreed to be extradited to the United States three months later.

Persons: Goldman Sachs, Margo Brodie, Roger Ng's, Marc Agnifilo, Goldman, 1MDB, Ng, Brodie, Drew Rolle, Agnifilo, Malaysia's, Tim Leissner, Jho, Luc Cohen, Bill Berkrot Organizations: U.S, Malaysia, United, Thomson Locations: Malaysia, New York, Brooklyn, Kuala Lumpur, United States, U.S

Najib is serving a 12-year prison sentence for graft linked to the multi-billion dollar scandal at state fund 1MDB and faces more bribery charges. Ahmad Zahid had pleaded not guilty to all charges, and UMNO said he was a victim of political persecution. Hisyam Teh Poh Teik, a lawyer for Ahmad Zahid, said his team will ask the court for a full acquittal. The UMNO was voted out for power for the first time in Malaysia's history in 2018 due to widespread anger over corruption allegations against Najib and Ahmad Zahid. Despite the corruption charges, Anwar appointed Ahmad Zahid to the second-highest office in the country.

Persons: Ahmad Zahid Hamidi, Anwar Ibrahim's, Anwar, Ahmad Zahid's, Najib Razak, Najib, Ahmad Zahid, General's Chambers, Bernama, Zahid, Hisyam Teh Poh Teik, Rozanna Latiff, Kanupriya Kapoor Organizations: Malaysian, Ahmad Zahid's United Malays National Organisation, UMNO, Court, Thomson Locations: Kuala Lumpur, Malaysia, KUALA LUMPUR

☆ Malaysia is not discounting the possibility of lawsuits against Goldman Sachs, says Anwar Ibrahim
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMalaysia is not discounting the possibility of lawsuits against Goldman Sachs, says Anwar IbrahimAnwar Ibrahim, Malaysia's prime minister, tells CNBC's Martin Soong as part of The CNBC Conversation, that his country will have to reopen negotiations with Goldman Sachs on the 1MDB money laundering scandal. He said he's "not discounting the possibility of proceeding again [with] the issue [of] lawsuits."

Persons: Goldman Sachs, Anwar Ibrahim Anwar Ibrahim, Malaysia's, CNBC's Martin Soong Organizations: Malaysia, CNBC

☆ Malaysia PM vows to recover Goldman Sachs 1MDB settlement, warns of possible lawsuits
▼ + stars: | 2023-08-21 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

Nurphoto | Nurphoto | Getty ImagesMalaysia's Prime Minister Anwar Ibrahim has vowed to recover the money Malaysians are owed from the 1MDB money laundering scandal, and says he hasn't ruled out the possibility of a lawsuit against Goldman Sachs. Anwar said Malaysian agencies were still in talks with Goldman Sachs, though ongoing discussions are "a bit complex." Asked to comment on Anwar's interview, Goldman Sachs referred CNBC to its second quarter earnings statement. It remains to be seen what would come out of the standoff between Malaysia and Goldman Sachs. "No one can deny the fact that Goldman Sachs was used, and partly used the authorities," Anwar said in his interview.

Persons: Malaysia's, Anwar Ibrahim, Malaysia's King, hasn't, Goldman Sachs, Anwar, CNBC's Martin Soong, Goldman, Muhyiddin Yassin, I've, —, Mahathir Mohamad, Anwar Malaysia's, Anwar's Pakatan, Najib Razak, Muhyiddin, Islam that's Organizations: Nurphoto, Getty, Malaysia's, 1Malaysia, Malaysia, CNBC, of, Malaysian, Barisan Nasional, Barisan, Perikatan Nasional coalition, Islamic, Malay Locations: Kuala Lumpur, Putrajaya, Malaysia, Malaysian, Anwar Ibrahim Malaysia, U.S, of Malaysia, United States, Malay, Federal

☆ Meet Russell Horwitz, the ex-Goldman partner who is stepping in as David Solomon's chief of staff at a vulnerable time for the CEO
▼ + stars: | 2023-08-08 | by ( Dakin Campbell | Kaja Whitehouse | ) www.businessinsider.com time to read: +7 min

Russell Horwitz has been named David Solomon's new chief of staff at a difficult time for the CEO. Russell Horwitz, a partner and former chief of staff to CEO Lloyd Blankfein, is returning to the firm after roughly two years away. Another, Jake Siewert, left Goldman for Warburg Pincus in June 2021. Horwitz left soon after. He has Washington experienceLike Rogers, Horwitz also has a past working in Washington DC.

Persons: Russell Horwitz, David Solomon's, Horwitz, Goldman, John F, Rogers, Goldman Sachs, Lloyd Blankfein, David Solomon, John Rogers, Jon Corzine, Ronald Reagan, Gerald Ford, Joshua Roberts, Solomon, John Waldron, Fiona Carter, Carter, Dina Powell McCormick, Gregg Lemkau, Byron Trott, Jake Siewert, Warburg Pincus, Blankfein, He's, Ken Griffin, John, David, Pablo Salame, Umesh Subramanian, Arthur Levitt Organizations: Goldman, The New York Times, Reuters, BDT, MSD Partners, Miami . Partners, Citadel, Citadel Horwitz, Washington DC, Securities and Exchange Commission, Clinton Locations: Miami, Citadel's, Washington

☆ Jho Low could create a new world of 1MDB pain: podcast
▼ + stars: | 2023-08-08 | by ( Una Galani | ) www.reuters.com time to read: 1 min

MUMBAI, Aug 8 (Reuters Breakingviews) - The fugitive at the centre of Malaysia’s sovereign fund scandal, is in China. In this Exchange podcast Billion Dollar Whale co-author Bradley Hope explains why Beijing may soon give him up and how his return could be difficult for all involved, from global banks to celebrities. Listen to the podcastFollow @ugalani on TwitterSubscribe to Breakingviews' podcasts, Viewsroom and The Exchange. Editing by Pranav KiranOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bradley Hope, Pranav Kiran Organizations: Reuters, Twitter, Thomson Locations: MUMBAI, China, Beijing

NEW YORK, July 19 (Reuters) - Goldman Sachs' (GS.N) profit dropped 60% in the second quarter, missing estimates, as the bank's retreat from consumer businesses and declining real estate investments weighed on earnings. The results were the worst for the Wall Street giant since the second quarter of 2020, when it took writedowns over corruption scandal linked to Malaysian state fund 1MDB. "It definitely feels better over the course of the last six, eight weeks," Solomon told analysts on a conference call. "This moment in the economic cycle creates meaningful headwinds for Goldman Sachs," Solomon said told analysts on a conference call. Net earnings dropped 62% to $1.07 billion in the second quarter versus $2.79 billion a year earlier.

Persons: Goldman Sachs, David Solomon, Solomon, Goldman, Keith Horowitz, Goldman's Marcus, Marcus, Morgan Stanley, MS.N, headcount, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Johann M Cherian, Arun Koyyur, Nick Zieminski, Anna Driver Organizations: YORK, Analysts, Citigroup, Goldman, Revenue, JPMorgan Chase, Reuters, Thomson Locations: Malaysian, writedowns, Bengaluru, New York

Search resuls for: "1MDB"

25 mentions found