FBI Reveals Kickbacks and Theft from Goldman Sachs 1MDB Bond $6.5 Billion Deals

    Jho Low, a fugitive financier, was the alleged mastermind of the Malaysian Wealth fund 1MDB scandal, where $1.42 billion was stolen in three bond transactions arranged by Goldman Sachs. This was testified by an FBI agent who traced the funds.

    What’s the matter?

    As per Bloomberg News, FBI agent Eric Van Dorn took this stand during the trial of Roger Ng, an ex-Goldman Sachs Banker, in Brooklyn federal court. In addition to this testimony, he also told the Court about how Najib Razak, Prime Minister of Malaysia, made $576 million from the $6.5 billion mobilized in the Bond Offerings. At the same time, Riza Aziz, his stepson, pocketed $238 million. 

    Ng, who was the only Goldman employee to go to the trial on the epic fraud of the 1MDB, the sovereign wealth fund of Malaysia, was charged with conspiracy with his former boss Tim Leissner and Lows. Leissner is now cooperating with the Lows government after pleading guilty after standing as a star witness of the prosecution. Jho Low is not under custody and continues to be in the run. 

    According to prosecutors, Low paid bribes to Malaysian and Abu Dhabi officials to facilitate the deal, but the testimony from Van Dorn detailed how much was paid to those involved in the IMDB deal

    Van Dorn, who works for the FBI as a forensic accountant, scrutinized about 59,000 bank records to establish where the money from the 1MDB deals went. He said that the former Managing director of the International Petroleum Investment Co (IPIC), Abu Dhabi State-owned, received about $472.8 million. He also mentioned another Abu Dhabi official of the IPIC subsidiary who received $76.6 million. 

    According to Van Dorn, Aziz invested about $60 million of this kickback in the production of “The Wolf on Wall Street” movie. As per the prosecutors, Aziz was Low’s friend. Aziz had settled the lawsuits twice over his role in the scandal. His production company, The Red Granite Inc., agreed to pay $60 million as a settlement which was the amount used to finance the movie ‘Wolf”. In 2020, Aziz decided to drop million sofa dollars of claims filed in the U.K. and U.S. real estate in a separate settlement. 

    Van Dorn testified that Roger Ng received $35.1 million from two bond transactions while Leissner got $73.4 million. 

    In the 2018 plea, Leissner had offered to forfeit $43.7 million, which he earned from the scheme. It was not clear why a lesser amount was lost. 

    Najib has been convicted by a court in Malaysia and sentenced to 12 years in prison and is appealing now. On the other hand, Al-Qubaisi was sentenced to serve 15 years in jail and repay $336 million.


    RELATED ARTICLES

    Tesla’s Cheapest Cybertruck

    Tesla’s Cheapest Cybertruck Will Cost $60,990 in 2025

    Bloomberg News reports that after two years of delay and production glitches, Tesla Inc. has...
    JPMorgan’s S&P 500

    JPMorgan’s S&P 500 2024 Outlook Grimmest on Wall Street

    Bloomberg News reports that as the strategists on Wall Street are calling for an all-time...
    Fed Will Cut Interest Rates

    Fed Will Cut Interest Rates as Soon, Predicts Bill Ackman

    Bloomberg News reports that Bill Ackman, the billionaire investor, bets that the Federal Reserve will...
    AI Startup

    AI Startup of Google Raises $24 Million for Biotech Work

    Bloomberg News reports that the European biotech startup Cradle has raised as much as $24...
    Quantum Computing Lab

    Quantum Computing Lab Shut by Alibaba in Sign of Broader Cutback

    Bloomberg News reports that Alibaba Group Holding Ltd. has shuttered its quantum computing lab for...
    Water Damage Repairs

    Don’t DIY Water Damage Repairs to Your Business

    If your workplace ever suffers from water damage, you might be tempted to start fixing...
    MBA Programme

    Dual Degree MBA Programme: A Unique Educational Opportunity

    In today's world, professional success requires more than traditional management skills. It calls for a...
    women ipl

    Women IPL Sensation Shreyanka Patil: From Fan to Champion

    In a cricketing universe usually ruled by dudes, Shreyanka Patil, the rookie wonder for Royal...
    Monetize Magnet

    Monetize Magnet Review – The Best Crypto and Forex CPA Network

    In today's world, cryptocurrency has reached new heights, expanding continuously and providing online earning opportunities...
    celsius drink

    Celsius Drink – What Is It and How Safe Is It?

    These days, you must come across your social media feeds with an advertisement for a...
    low porosity hair

    Low Porosity Hair Problem? Slay Locks with Moisture Miracle

    Have you ever experienced your hair being stubbornly resistant to moisture? That's low porosity hair...