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IPIC sues Goldman Sachs over 1MDB scandal

Khairie Hisyam Aliman
Khairie Hisyam Aliman11/22/2018 07:12 AM GMT+08  • 4 min read
IPIC sues Goldman Sachs over 1MDB scandal
KUALA LUMPUR (Nov 21): The International Petroleum Investment Company (IPIC) is suing Goldman Sachs Group Inc for playing a “central role” in the 1Malaysian Development Bhd (1MDB) scandal, which IPIC says caused it “significant financial exposure an
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KUALA LUMPUR (Nov 21): The International Petroleum Investment Company (IPIC) is suing Goldman Sachs Group Inc for playing a “central role” in the 1Malaysian Development Bhd (1MDB) scandal, which IPIC says caused it “significant financial exposure and losses”.

In a legal action filed in a New York State court today, the Abu Dhabi sovereign wealth fund claims that Goldman Sachs had conspired to bribe its former top executives.

“Goldman Sachs conspired with individuals from Malaysia to bribe and corrupt two officials, Khadem Abdulla Al Qubaisi and Mohamed Ahmed Badawy Al-Husseiny to further the business of Goldman Sachs and 1MDB at the expense of IPIC and Aabar’s business interests,” said IPIC in a statement late this evening.

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