PETALING JAYA: The government today announced additional criminal charges against 17 current and former directors of three Goldman Sachs subsidiaries in relation to the charges filed against the units and their key employees last December.
Attorney-General Tommy Thomas said the new charges were filed today under Sections 367(1) and 179 of the Capital Markets and Services Act (CMSA) 2007.
The three subsidiaries are Goldman Sachs International, Goldman Sachs (Asia) LLC and Goldman Sachs (Singapore) Pte.
In a statement, Thomas said the initial charges under Section 179 were filed against the subsidiaries and their employees, Tim Leissner and Roger Ng, along with Jasmine Loo Ai Swan of 1MDB and businessman Low Taek Jho, better known as Jho Low.
Those charges were brought against them on Dec 17 and 19, 2018 for “perpetrating a scheme to defraud the government of Malaysia and purchasers of three bonds with a face value of US$6.5 billion which were underwritten and arranged by Goldman Sachs, and issued by subsidiaries of 1MDB, by way of the commission and abetment of false or misleading statements to dishonestly misappropriate billions from the bond proceeds”.
“The accused were directors of these three Goldman Sachs subsidiaries between May 2012 and March 2013, the period during which acts giving rise to the Section 179 charges against their companies took place,” Thomas said.
“They occupied the highest executive positions in those three Goldman Sachs subsidiaries, and exercised or ought to have exercised decision-making authority over the transactions of those bodies corporate.”
The government is seeking custodial sentences and criminal fines against the accused, given the severity of the scheme, the length of time over which the alleged offences were planned and executed, the number of Goldman Sachs subsidiaries, officers and employees involved, and the relative value of the fees and commissions paid to the US investment bank.
The full list of the 17 individuals is as follows:
Goldman Sachs International
- Richard John Gnodde
- Brian Griffiths
- Michael Sydney Sherwood
- Robin Antony Vince
- Claes Ake Gustaf Dahlback
Goldman Sachs (Asia) LLC
- Oliver Robert Morgan Bolitho
- Matthew Thayer Freemont-Smith
- Frederick Towfigh
- Archie William Parnell
- Ronald Suk Bae Lee
- Richard Mark Campbell-Breeden
- Keith Leslie Hayes
- Amol Sagun Naik
- John Michael Evans
- Dimitrios Kavvathas
Goldman Sachs (Singapore) Pte
- Goh Boon Leng
- Liow Chang Lee
Goldman Sachs has been under scrutiny for its role in helping raise funds through bond offerings for 1MDB, which is the subject of investigations in at least six countries.
In December, the government accused it of making untrue statements and omitting key facts in offering circulars for the bonds it sold for state fund 1MDB.
Goldman Sachs however denied wrongdoing and maintains that certain members of the former government and 1MDB lied to the bank about the proceeds of the bond sales.