Oct 31 hearing of prosecution’s application to transfer Goldman Sachs’ case to High Court

by BERNAMA/ pic by BLOOMBERG

The prosecution has filed an application to transfer the case of Goldman Sachs Group Inc, which is facing criminal charges involving US$6.5 billion worth of bonds linked to 1Malaysia Development Berhad (1MDB), from the Magistrate’s Court to the High Court.

Deputy public prosecutor Norinna Bahadun informed Magistrate Mohamad Fared Abdul Latif that the High Court had fixed Oct 31 to hear the application, which was filed last Friday.

Consequently, Mohamad Fared set Dec 16 for mention to obtain the latest development on the application.

In December last year, Malaysia filed four charges against Goldman Sachs for allegedly leaving out material facts on the sales of bonds between a subsidiary of 1MDB and Aabar Investment PJS Ltd (Aabar).

The offences were allegedly committed at 1Malaysia Development Berhad (1MDB), Level 8, Menara IMC, No. 8, Jalan Sultan Ismail, here, between March 19, 2012, and Nov 11, 2013.

The company was charged under Section 179 (c) of the Capital Markets and Services Act 2007 and punishable under Section 182 of the same Act which provides for imprisonment for a term not exceeding 10 years and fined not less than RM1 million, upon conviction.

Former Goldman Sachs banker Roger Ng Chong Hwa had also claimed trial to four counts of abetting the company pertaining to the sale of the same guaranteed notes and bonds by omitting material facts and making false statements.

The United States Department of Justice estimated that about $4.5 billion was misappropriated from 1MDB between 2009 and 2014.

Lawyer Hisyam Teh Poh Teik represented Goldman Sachs.