1MDB controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
1MDB files asset-recovery lawsuits against bank units
Lawsuit filed
1MDB filed lawsuits at a Kuala Lumpur court against units of Deutsche Bank, J.P. Morgan and Coutts & Co, seeking to recover billions of dollars in alleged losses. The claims include negligence, breach of contract, conspiracy to defraud or injure, and dishonest assistance; the allegations are not determinations of liability.
Stated objective. recover billions in alleged losses
Source excerpt
The claims are premised on "negligence, breach of contract, conspiracy to defraud/injure, and/or dishonest assistance", 1MDB said in the documents, filed at a Kuala Lumpur court on Friday.
1MDB is claiming $1.11 billion from Deutsche Bank (Malaysia) Bhd, $800 million from J.P. Morgan (Switzerland) Ltd and $1.03 billion from a Swiss-based Coutts unit, and interest payments from all of them, according to the lawsuit.
Malaysia's now-defunct 1MDB state fund is suing units of Deutsche Bank, J.P. Morgan and Coutts & Co to recover billions in alleged losses from a corruption scandal at the fund, court documents seen by Reuters showed.
2020
Goldman Sachs settles dispute with Malaysia over 1MDB bond business
Settlement
Goldman Sachs and the Malaysian government reached a settlement over the legal dispute arising from Goldman Sachs' bond work for 1MDB. The agreement provides for approximately $3.9 billion in compensation, including cash and assets to be recovered. Malaysia's finance minister said the agreement represented Goldman Sachs' acknowledgment of misconduct by former employees.
Source excerpt
扎尔夫指，此项和解协议代表高盛集团承认其前雇员在一马公司相关事件中的不当行为。
中新社吉隆坡7月24日电 马来西亚财政部24日宣布，美国高盛集团和马来西亚政府已就该集团替“一个马来西亚发展公司”(一马公司)发行债券而与马来西亚政府产生的法律纠纷达成和解协议。
根据此协议，高盛集团将向马来西亚政府赔偿约39亿美元。
2016
Audit secrecy and governance controversy
The Malaysian Auditor General’s report on 1MDB was classified under the Official Secrets Act, intensifying criticism of transparency and oversight. It was declassified in May 2018 after a change of government.
2015
1MDB corruption and money-laundering scandal
A multinational investigation alleged that billions of dollars raised for the Malaysian state fund were diverted through complex cross-border transactions. The matter generated criminal prosecutions, civil forfeiture actions, bank penalties, political upheaval and continuing asset-recovery efforts.