Goldman Sachs is fighting back against criminal charges from the Malaysian government, saying it was the victim of deceptive Malaysian officials in a scandal that has rocked the bank's shares this year.
The bank was criminally charged Monday by Malaysian authorities for its role in creating the state investment fund known as 1MDB. It's the first time the bank itself faces criminal charges for 1MDB, a $6.5 billion fund whose contents were plundered by a disgraced Malaysian financier and others.
"Certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of proceeds from these transactions," the New York-based bank said in a statement.
"1MDB, whose CEO and board reported directly to the Prime Minister at the time, also provided written assurances to Goldman Sachs for each transaction that no intermediaries were involved. Under the Malaysian legal process, the firm was not afforded an opportunity to be heard prior to the filing of these charges against certain Goldman Sachs entities, which we intend to vigorously contest. These charges do not affect our ability to conduct our current business globally."
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