Three executives of the merchant bank are sued by the American justice, after having organized a questionable financial arrangement with several sovereign funds.
Ten years after the financial crisis of 2008, Goldman Sachs is still talking about her, badly. Three executives of the merchant bank are being sued by the American justice, following a big scandal of corruption in Malaysia, as the daily newspaper Le Monde reports.
Initially, a Malaysian sovereign state fund, created in 2009, faces major financial problems. The manager of Goldman Sachs in the region then enters the track, advising the managers of the fund to invest in nuclear energy.
With the help of a sovereign wealth fund of Abu Dhabi, a dubious financial arrangement is set up. The bank carries out bond issues and uses very generously, with close to $ 600 million in commissions.
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As reported by the Wall Street Journal (which revealed the case in 2016), the US justice estimates at $ 472 million the amount received by Khadem al-Qubaisi, the manager of Abu Dhabi's sovereign wealth fund.
The Malaysian prime minister has received more than $ 700 million from his bank account. As authorized by the US judicial process, the former head of Goldman Sachs in Southeast Asia has pleaded guilty to corruption and money laundering, as Le Monde explains.
After seeing its limited activities in the United States as a result of the new banking regulations, Goldman Sachs took the opportunity to reach a maximum of money in emerging countries, outside any legal framework.