Goldman did not get Ipic board's approval for RM7.32bil bond issue

Global benchmark Brent crude will average US$62.50 a barrel this year, analysts including Damien Courvalin said in a Jan 6 note, down from a previous estimate of US$70.

SINGAPORE (The Straits Times/Asia News Network): Global banking giant Goldman Sachs – which arranged several multibillion-dollar bond issues tied to scandal-plagued 1Malaysia Development Berhad (1MDB) – proceeded with at least one fund-raising exercise without approval from the board of directors of the bond's chief guarantor, Abu Dhabi's state-owned International Petroleum Investment Company (Ipic).

Board resolutions are a basic prerequisite for corporate entities before they undertake any material transaction that introduces risk.