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☆ Former Malaysia PM Najib cleared of audit tampering in 1MDB graft scandal
▼ + stars: | 2023-03-03 | by ( Rozanna Latiff | ) www.reuters.com time to read: +2 min

KUALA LUMPUR, March 3 (Reuters) - A Malaysian court on Friday acquitted jailed former Prime Minister Najib Razak of audit tampering in one of the many cases he faces over a multi-billion corruption scandal at state fund 1Malaysia Development Berhad (1MDB). The acquittal comes amid renewed scrutiny on government graft under Prime Minister Anwar Ibrahim, whose administration had to partner with Najib's corruption-tainted party to form a government late last year. Friday's acquittal was on a charge of abusing his position as prime minister to amend a government audit into 1MDB. The fund's former chief executive Arul Kandasamy was charged with abetting Najib and was also cleared and both had pleaded not guilty. Najib faces three more cases related to corruption at various government entities and 1MDB, a fund he co-founded in 2009.

☆ Bridgewater's new executive team is already making big changes. But was it all part of Ray Dalio's master plan?
▼ + stars: | 2023-03-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

On tap, we've got stories on the top VCs in Texas, more headaches for Blackstone's BREIT, and why boomers stink. Maybe it's just the fear of facing your own mortality and realizing that life, in fact, will go on without you. As Rebecca Ungarino reports, the world's largest hedge fund is making a slew of new changes less than six months after billionaire founder Ray Dalio stepped aside. Bridgewater, which was founded in 1975 from Dalio's two-bedroom apartment, is arguably just as well known for its culture as its size. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) and Nathan Rennolds (tweet @ncrennolds) in London.

☆ Prison was 'brutal and distressing' says ex-Goldman Sachs banker who was locked up in Malaysia over the 1MDB scandal
▼ + stars: | 2023-03-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

US authorities convicted an ex-Goldman Sachs banker of bribery and money laundering in the 1MDB scandal. Ng, who also spent time in a Malaysian prison, said conditions were "brutal and distressing." "Six months in the Malaysian prison had a devastating effect mentally and physically," Ng wrote in his letter. The Malaysian Prison Department did not immediately respond to Insider's request for comment. In 2020, the former leader was sentenced to 12 years in prison for breach of trust, abuse of power, and money laundering in connection with 1MDB.

☆ Goldman Sachs executives to rally investors in New York
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +6 min

[1/2] A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange, January 19, 2011. REUTERS/Brendan McDermid/File PhotoNEW YORK, Feb 28 (Reuters) - Goldman Sachs Group Inc's (GS.N) Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. DAN DEES, CO-HEAD OF GLOBAL BANKING & MARKETS, 52Dan Dees is the co-head of Goldman's global banking and markets division. JULIAN SALISBURY, CHIEF INVESTMENT OFFICER OF ASSET AND WEALTH MANAGEMENT, 51Julian Salisbury is chief investment officer of Goldman's asset and wealth management unit. KIM POSNETT, CO-HEAD OF ONE GOLDMAN SACHS, 45Kim Posnett is co-head of One Goldman Sachs, the company's program to unify its approach to clients across divisions.

☆ Abu Dhabi's IPIC and Aabar to pay Malaysia $1.8 bln to settle 1MDB dispute
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, Feb 27 (Reuters) - Abu Dhabi's International Petroleum Investment Co (IPIC) and its unit Aabar Investments PJS have agreed to pay $1.8 billion to settle a legal dispute over the scandal at Malaysian state fund 1MDB, Malaysia's finance ministry said on Monday. Malaysia in 2018 had filed a challenge in a London court against a settlement agreement between 1MDB and IPIC that had been negotiated a year earlier during the premiership of former leader Najib Razak. Najib was sentenced to 12 years in jail last year after being found guilty in a 1MDB-related corruption case. In its challenge, Malaysia had argued that the 2017 settlement was procured by fraud. Malaysia's 1MDB is the subject of corruption and money-laundering investigations in at least six countries.

Companies Goldman Sachs Group Inc FollowFeb 25 (Reuters) - Roger Ng, the former Goldman Sachs Group Inc (GS.N) banker convicted for helping to embezzle Malaysia's 1MDB sovereign wealth fund, appealed to a New York court on Saturday not to force him to spend more time in prison. A federal jury in Brooklyn convicted Ng in April last year of conspiring to violate an anti-bribery law and commit money laundering. Reuters was not immediately able reach Malaysian prison officials to comment on the conditions. Prosecutors said that he helped his former boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe officials to win business for Goldman. Reporting by Shivani Tanna and Chandni Shah in Bengaluru; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman expects $2.3 bln more in potential losses from legal disputes
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

Feb 24 (Reuters) - Goldman Sachs Group Inc (GS.N) is expecting potential losses from legal proceedings to be up to $2.3 billion more than the reserves it had set aside for such matters as of last year, the investment bank said on Friday. In 2021, the bank was expecting the likely losses to be $2 billion higher than the reserves. Goldman has been targeted with lawsuits ranging from the bank's role in Malaysia's 1MDB sovereign wealth fund scandal to the collapse of Archegos Capital Management in 2021. A long-running gender bias lawsuit alleging widespread bias against women in pay and promotions at the Wall Street bank is also expected to head to trial later this year. Reporting by Niket Nishant in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Gautam Adani’s woes were in banks' plain sight
▼ + stars: | 2023-02-08 | by ( Una Galani | ) www.reuters.com time to read: +9 min

MUMBAI, Feb 8 (Reuters Breakingviews) - Gautam Adani’s recent woes have vindicated persistent doubts in India about the tycoon’s rise. The Indian group dismisses those claims as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries (DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. Fee-hungry international banks were much less picky. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began.

☆ Philippine economic managers back bill creating sovereign fund
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

MANILA, Dec 9 (Reuters) - Philippine economic officials have thrown their support behind the creation of a sovereign wealth fund backed by President Ferdinand Marcos Jr amid opposition from some groups due to concerns over the risk of corruption and transparency. The economic managers "strongly support" the proposed sovereign wealth fund to generate additional income for the government, Finance Secretary Benjamin Diokno told a media briefing, as he called for the speedy passage of the bill creating the fund. "Direct benefits of the (fund) include increased investments in and funding of big ticket infrastructure projects, high return on green and blue projects, and countryside development including agriculture," Diokno said, reading a joint statement. Authors of the bill have agreed to remove that contentious provision, and instead proposed utilising the profits of the Philippine central bank to bankroll the fund. The plans come as neighbours like Malaysia and Singapore and more recently Indonesia have established sovereign wealth funds, with mixed results.

☆ Analysis: Gains for Malaysia's hardline Islamist party a challenge for new PM Anwar
▼ + stars: | 2022-11-25 | by ( A. Ananthalakshmi | ) www.reuters.com time to read: +5 min

[1/4] A pillion waves a Pan-Malaysian Islamic Party (PAS) flag on the eve of Malaysia's general election at Permatang Pauh, Penang, Malaysia November 18, 2022. Anwar, who is ethnic Malay and Muslim, addressed race and religion in his first news conference as prime minister, promising to uphold Islam as the official religion of the country and the rights of the ethnic Malay majority, while also safeguarding the rights of all. Race and religion are thorny issues in Malaysia, where Muslim ethnic Malays form a majority in a country with significant ethnic Chinese and ethnic Indian minorities, most of them Hindu, Buddhist or Christian. As the biggest party in parliament, PAS could push for Islamisation and more affirmative action for Malays - a long-standing policy that Anwar has opposed, analysts said. "They see PAS as a clean party and its political leaders have no integrity problems," said Mohd Izani.

☆ Reformist Anwar finally becomes Malaysia's prime minister
▼ + stars: | 2022-11-24 | by ( A. Ananthalakshmi | ) www.reuters.com time to read: +5 min

[1/2] Malaysian opposition leader Anwar Ibrahim speaks during an interview with Reuters in Tambun, Perak, Malaysia November 4, 2022. The political uncertainty came to an end on Thursday, as Malaysia's king appointed Anwar, 75, to be prime minister. His strained relationship with the veteran leader shaped Anwar's own career, as well as Malaysia's political landscape, for nearly three decades. FRIEND & FOEAnwar started off as a firebrand Islamic youth leader before joining the prime minister Mahathir's United Malays National Organisation (UMNO), which leads the Barisan Nasional alliance. With the people's vote and the king's choice, he finally became prime minister.

☆ Anwar Ibrahim's long road to prime minister of Malaysia
▼ + stars: | 2022-11-24 | by ( Harish Sridharan | ) www.reuters.com time to read: +3 min

** He had a meteoric political rise under Prime Minister Mahathir Mohamad, who invited him to join the ruling coalition, the United Malays National Organisation (UMNO), in 1982. ** Finance minister from 1991 and deputy prime minister from 1993, the long-celebrated heir apparent to Mahathir fell out with his mentor in 1998. ** During the term of Prime Minister Najib Razak in 2015, Anwar was jailed for sodomy for the second time. ** Anwar and former Prime Minister Muhyiddin Yassin each said they could form a government with support from other parties. ** Malaysia's king appointed Anwar as prime minister after a special meeting of his fellow hereditary sultans.

☆ Explainer: Who is Malaysia's king and why is he picking the prime minister?
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +4 min

King Al-Sultan Abdullah Sultan Ahmad Shah ascended the throne in 2019 at the age of 59, becoming Malaysia's 16th monarch since it gained independence from Britain in 1957. The silver-haired, bespectacled Al-Sultan Abdullah became king after the surprise abdication of the previous king. The king appointed Muhyiddin prime minister in February 2020 when then-premier Mahathir Mohamad resigned due to coalition infighting. The king has summoned 30 lawmakers from the Barisan Nasional alliance for a meeting on Wednesday to determine who becomes prime minister. Whoever is eventually named prime minister is likely to face more political turbulence of the kind that has plagued the country in recent years.

☆ Malaysia's Barisan Nasional will not support leading coalitions in forming government
▼ + stars: | 2022-11-22 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +1 min

Malaysia's longest ruling political coalition Barisan Nasional has decided it will not back either of the two leading coalitions Pakatan Harapan or Perikatan Nasional as the nation's king decides who will form government. The coalition, which garnered a dismal 30 seats at Saturday's general election, has also decided to remain in opposition. Incumbent Malaysian Prime Minister Ismail Sabri Yaakob announced the coalition's decision at 2 p.m. Malaysia time as both Pakatan and Perikatan were on their way to meet the king. Separately, local media reported the Warisan Party declared it would support Pakatan and Barisan as the bloc with the most wins. Malaysia is facing a hung parliament as Pakatan, led by former Deputy Prime Minister Anwar Ibrahim, with the most parliamentary seats at 82.

☆ Malaysia votes in general election, Anwar expected to lead tight race
▼ + stars: | 2022-11-19 | by ( A. Ananthalakshmi | Rozanna Latiff | ) www.reuters.com time to read: +4 min

Malaysians queue to cast their vote for the country's general election at Permatang Pauh, Penang, Malaysia November 19, 2022. Without a clear winner, political uncertainty could persist as Malaysia faces slowing economic growth and rising inflation. “I don’t think it is possible for any coalition to win on their own,” said Sivamurugan Pandian, political analyst at Malaysia Science University. Anwar was the top choice for prime minister at 33%, followed by Muhyiddin at 26% and Ismail at 17%. Sheila Supramaniam, 30, said she will vote for Anwar as his coalition stood firmly against corruption and discrimination.

☆ Malaysia votes in general election, Anwar seen leading tight race
▼ + stars: | 2022-11-19 | by ( A. Ananthalakshmi | Rozanna Latiff | ) www.reuters.com time to read: +5 min

Malaysian Caretaker Prime Minister Ismail Sabri Yaakob stands in a line to vote during Malaysia's 15th general election in Bera, Pahang, Malaysia November 19, 2022. Prime Minister Ismail Sabri Yaakob’s ruling Barisan coalition and another bloc led by former premier Muhyiddin Yassin are other leading contenders. Muhyiddin’s alliance was a junior partner in Ismail’s coalition government, and the two could come together again to block Anwar. That was on par with turnout at the same time in the previous election in 2018, reflecting the increase in voters, political analyst Bridget Welsh told Reuters. Anwar was the top choice for prime minister at 33%, followed by Muhyiddin at 26% and Ismail at 17% in the Merdeka survey.

KUALA LUMPUR, Nov 19 (Reuters) - A new coalition led by former Malaysian prime minister Muhyiddin Yassin was leading a hotly contested general election on Saturday, with opposition chief Anwar Ibrahim a close second, early results from the Election Commission showed. The other main contender - Prime Minister Ismail Sabri Yaakob's ruling Barisan Nasional coalition - was losing ground in traditional strongholds to Muhyiddin's bloc, the results showed. As of 1630 GMT, the Election Commission had announced results for 123 of the 222 parliamentary seats. [1/6] Malaysian Caretaker Prime Minister Ismail Sabri Yaakob stands in a line to vote during Malaysia's 15th general election in Bera, Pahang, Malaysia November 19, 2022. The top issues are the economy, along with corruption, as several leaders from the Barisan Nasional coalition face graft accusations.

☆ Ahead of Malaysia's elections, political rivals battle over corruption and 1MDB scandal
▼ + stars: | 2022-11-18 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +4 min

watch nowMalaysia's nationalist UMNO party said its rivals are driving a "campaign of fear" against the ruling Barisan Nasional coalition in the lead-up to Saturday's elections and this could cost Malaysians. UMNO is part of the Barisan Nasional coalition. "I'm not at all denying that there are issues around integrity in our political system and this applies to all political parties." Corruption allegations against Najib led to the the long-standing ruling coalition Barisan Nasional being ousted from power in the last election in 2018, ending its 60-year political dominance in the Southeast Asian country. "Top leaders in our party are still facing court cases; now could you have said that for the time when Mahathir was prime minister?

KUALA LUMPUR, Nov 18 (Reuters) - Anwar Ibrahim has ramped up campaigning this week to be Malaysia's prime minister, buoyed by polls putting the veteran opposition leader ahead in a closely fought contest. Rival alliances, including those run by Prime Minister Ismail Sabri Yaakob and former premier Muhyiddin Yassin, could come together to clinch the required numbers and deny Anwar the top job. "This election is not about changing the prime minister," Anwar said in an address on Thursday. "This election is the best chance to save the country and make sweeping changes to restore our beloved nation." In an interview with Reuters this month, Anwar ruled out working with Ismail and Muhyiddin's coalitions, citing "fundamental differences" over race and religion.

☆ Malaysia's upcoming election is poised to be a battleground of uncertainty
▼ + stars: | 2022-11-17 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +7 min

Four years ago, opposition coalition Pakatan Harapan swept Barisan Nasional — the ruling coalition at that time — out of power for the first time in 60 years. Then chairman and second-time prime minister Mahathir Mohamad resigned after 22 months in office and the coalition fell apart. Malaysia's political crisis has paved the way for a smorgasbord of parties and coalitions contesting the general election on Nov. 19. Perikatan gained notoriety after it was formed in 2020 following the defection of members from Pakatan Harapan. Anwar Ibrahim is looking to become prime minister after being denied the leadership for over two decades.

☆ Young Malaysians urged to 'get mad' and vote to end political merry-go-round
▼ + stars: | 2022-11-17 | by ( Ebrahim Harris | ) www.reuters.com time to read: +4 min

The infighting has exhausted voters, with two local elections held in the past year seeing lower than average turnout. Young voters form a sizeable portion of the six million people newly eligible to cast a ballot, following reforms that lowered the voting age from 21 to 18 and allowed automatic registration. Some voters, however, remain turned off by the constant political wrangling, believing that their choices will have little impact. "I'm scared to vote because whoever you choose will be part of a weak coalition," Eddie said. "They have to form alliances with parties who were rejected in the elections, and will end up forming the same type of government."

☆ Trump D.C. hotel receipts reveal $10,500-a-night rooms for foreign officials seeking to influence U.S.
▼ + stars: | 2022-11-14 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Anna_Byline.Jpg | Anna Schecter | ) www.nbcnews.com time to read: +8 min

For their part Qatari officials and connected companies spent at least $307,941 at the Trump hotel from late 2017 through mid-2018, according to the Oversight Committee’s findings. In the letter she requests presidential records from NARA that could be related to attempts by foreign governments and lobbyists working on their behalf to influence the Trump administration by spending money at the Trump Hotel. A spokesperson for the Malaysian Embassy did not immediately respond to a request for comment. According to the Oversight Committee, documents from Mazars show the Turkish Embassy sponsored two stays at the Trump hotel around the time of Erdoğan’s visit. The documentation obtained did not show how much the embassy spent at the hotel during either of these stays.

☆ Malaysia court dismisses govt bid to forfeit millions in assets linked to ex-PM Najib
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, Nov 14 (Reuters) - A Malaysian court on Monday struck down a government bid to forfeit millions of dollars in luxury goods seized from jailed ex-premier Najib Razak, finding insufficient evidence linking the assets to unlawful activities, a lawyer for Najib said. Najib was voted out in 2018 amid public anger over his alleged involvement in a multibillion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB). Following his election loss, police seized cash and assets including handbags and jewellery worth nearly $300 million in raids on several properties linked to Najib. Some 114 million ringgit ($24.86 million) was returned to Najib last year after the court dismissed a separate forfeiture bid on the seized cash. The alliance made its way back into power last year under Prime Minister Ismail Sabri Yaakob, after two previous administrations collapsed amid political turmoil.

☆ Trump D.C. hotel receipts reveal $10,500-a-night rooms for foreign officials seeking to influence U.S. policy
▼ + stars: | 2022-11-14 | by ( Anna Schecter | ) www.cnbc.com time to read: +8 min

The Saudi revenues for the Trump hotel came during a period when Saudi Arabia and the UAE were lobbying the Trump administration to support them during their blockade against economic rival Qatar. In the letter she requests presidential records from NARA that could be related to attempts by foreign governments and lobbyists working on their behalf to influence the Trump administration by spending money at the Trump Hotel. The Malaysian expenditures at the Trump Hotel were the most extensive in a one-week period found by the Oversight Committee to date. A spokesperson for the Malaysian Embassy did not immediately respond to a request for comment. The documentation obtained did not show how much the embassy spent at the hotel during either of these stays.

[1/2] Ex-Goldman Sachs banker Roger Ng exits the Brooklyn Federal Courthouse (EDNY) after being found guilty for his part helping embezzle from Malaysia's 1MDB sovereign wealth fund, in Brooklyn, New York, U.S., April 8, 2022. REUTERS/Brendan McDermid/File PhotoNEW YORK, Nov 11 (Reuters) - Roger Ng, the former Goldman Sachs (GS.N) banker convicted for helping loot Malaysia's 1MDB sovereign wealth fund, on Friday sued the government's star witness Tim Leissner for more than $130 million, alleging fraud. A federal jury in Brooklyn convicted Ng in April of conspiring to violate an anti-bribery law and commit money laundering. Jho Low, a Malaysian financier and suspected mastermind of the looting, was also indicted in Brooklyn and remains at large. Reporting by Jonathan Stempel in New York; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

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