KUALA LUMPUR (Bloomberg): Malaysia pushed back a hearing for Goldman Sachs Group Inc’s 1MDB case to September after a lawyer representing the US bank said the process of filing the charges remains incomplete.
The court set Sept 30 as the next case management date at a hearing here on Monday (June 24).
Deputy public prosecutor Aaron Paul Chelliah said four summonses had been issued against Goldman Sachs entities.
Two were served on Goldman Sachs (Asia) LLC, which has two addresses, while others were sent to Goldman Sachs International (UK) and Goldman Sachs (Singapore), he added.
However, Goldman’s lawyer Hisyam Teh Poh Teik sought a delay in the hearing after saying the charges remain incomplete.
“Their clients have some reservations on whether they were properly served,” Chelliah said, referring to the US lender. “Our position is they have been served”.
The US lender is accused of misleading investors when it arranged US$6.5bil (RM26.9bil) of bond sales for 1Malaysia Development Bhd (1MDB) while allegedly knowing that the funds would be misappropriated.
Prosecutors are seeking fines in excess of the US$2.7bil (RM11.2bil) allegedly misappropriated from the proceeds, and the return of US$600mil (RM2.5bil) of fees received by Goldman.
A representative for Goldman declined to comment. The bank has denied the allegations and said it will defend against the charges.
In seeking the delay, Goldman Sachs’s lawyer Hisyam said only three of four charges have been served to the Singapore unit, while the summons only reached Goldman Sachs (Asia) last week.
David Cope, head of financial crime compliance for Goldman in Asia Pacific, was present in court to represent all three of the units, Hisyam said. – Bloomberg