Goldman Sachs must take responsibility for 1MDB, says Najib

Goldman Sachs must take responsibility for 1MDB, says Najib

Former PM says the bank was paid by the state investment company to safeguard Malaysia's interests.

Former prime minister Najib Razak speaking to reporters after going on a walkabout with BN’s candidate for Cameron Highlands, Ramli Mohd Nor (left).
CAMERON HIGHLANDS:
Najib Razak today said Goldman Sachs must take responsibility for the 1MDB fiasco after a former banker was accused of breaking the law in dealing with the state investment company.

“We had a system and it was there to take care of our interests.

“So if they (Goldman Sachs) failed, then they have to take responsibility because they were appointed and paid by 1MDB to look after our interests,” the former prime minister told reporters during a walkabout in Kampung Raja here.

Najib’s comments come a day after Goldman Sachs CEO David Solomon apologised to Malaysians for the role played by Tim Leissner, a former banker, in the scandal.

Solomon, however, said the bank had conducted due diligence before every transaction.

Last year, US prosecutors charged Leissner and another former Goldman banker for the theft of billions of dollars from 1MDB.

Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiracy to launder money and violate the Foreign Corrupt Practices Act.

Malaysian authorities and the US Department of Justice are investigating Goldman for its role as underwriter and arranger of three bond sales that raised US$6.5 billion (RM26.71 billion) for 1MDB.

The DoJ has said that US$4.5 billion was misappropriated by high-level officials of the fund and their associates between 2009 and 2014.

Najib rubbishes Kit Siang’s Orang Asli claim

On a separate matter, Najib rubbished DAP strongman Lim Kit Siang’s claim that he had sidelined the Orang Asli in Cameron Highlands.

The former Barisan Nasional chairman said that many initiatives were planned for the community when he was prime minister.

“BN has done a lot for Cameron Highlands. So the claim that I did not look out for the Orang Asli is wrong.”

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