SINGAPORE (Dec 24): As 2018 draws to a close, authorities on both sides of the Causeway have stepped up their prosecution and punishment of individuals and entities allegedly involved in the looting of billions from scandal-tainted investment fund 1Malaysia Development Bhd (1MDB).

On Dec 17, Malaysia filed criminal charges against three subsidiaries of Goldman Sachs Group over the handling of bonds totalling US$6.5 billion issued by 1MDB. The primary target is Goldman Sachs International (UK), which helped to sell three bonds — two in 2012 and one in 2013, according to The Edge Malaysia, which obtained the charge sheets.

Two other Goldman units — Goldman Sachs (Singapore) and Goldman Sachs (Asia) — were charged with abetting Goldman Sachs International in omitting material information and publishing untrue statements in the offering circulars for the bonds.

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