Goldman Sachs shares plunge 7.5% on 1MDB fears

Updated 4 years ago · Published on 13 Nov 2018 7:50AM · 2 Comments

Goldman Sachs earned nearly US$600 million in fees helping 1MDB to raise US$6.5 billion while Tim Leissner was the bank’s Southeast Asia chairman. Its share price tumbled yesterday over fears that it may be sued as part of a worldwide probe into 1MDB. – EPA pic, November 13, 2018.

SHARES in Goldman Sachs, the investment bank at the centre of the 1MDB scandal, plunged yesterday following reports that Malaysia is seeking a refund of the US$600 million (RM2.5 billion) fees it earned helping the sovereign wealth fund raise money via bond deals, Bloomberg reports.

Its shares plummeted 7.5% to seven-year lows after Finance Minister Lim Guan Eng told BFM radio that Malaysia was counting on Goldman Sachs’ “indirect” admission of culpability and US laws against kleptocracy to win its case for a fee refund.  

Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one (1) week free access!

Subscribe Now!

Sign up or sign in here to comment.

Comments

  • A small blip for the scumbags

    Posted 4 years ago by Watchdog Watchdog

  • Goldman Sachs - arguably the ugliest face of international banking. The ultimate validation of anti-Zionist sentiment everywhere on earth.

    Posted 4 years ago by Antares Maitreya