AG hauls Goldman, bankers and Jho Low to court

Attorney-general Tommy Thomas has filed criminal charges against Goldman Sachs Investment Bank subsidiaries and the bank’s former employees Tim Leissner and Roger Ng Chong Hwa.

Also included in the suit are fugitive businessperson Jho Low and former 1MDB employee Jasmine Loo Ai Wen.

“The charges arise from the commission and abetment of false or misleading statements by all the accused in order to dishonestly misappropriate US$2.7 billion from the proceeds of three bonds issued by subsidiaries of 1MDB, which were arranged and underwritten by Goldman Sachs.

“[...] Tim Leissner and Roger Ng of Goldman Sachs conspired with Jho Low, Jasmine Loo Ai Swan (then general counsel of 1MDB) and others to bribe Malaysian public officials in order to procure the selection, involvement and participation of Goldman Sachs in these bond issuances,” he said in a statement today.

The charges are filed under Section 179 of the Capital Markets and Services Act 2007.

The three bonds in question amount to US$6.5 billion and are as follows:

• US$1.75 billion bonds issued by 1MDB Energy Limited through an offering circular dated May 18, 2012 with an interest rate of 5.99 percent per annum and redeemable in 2022
• US$1.75 billion bonds issued by 1MDB Energy (Langat) Limited through a Private Placement Memorandum dated Oct 17, 2012 with an interest rate of 5.75 percent per annum and redeemable in 2022
• US$3 billion bonds issued by 1MDB Global Investments Limited through an offering circular dated March 16, 2013 with an interest rate of 4.4 percent per annum and redeemable in 2023

[More to follow] -Mkini

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