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A Malaysian court has concluded that former Prime Minister Najib Razak and fugitive businessman Jho Low worked in lockstep to embezzle vast sums from the 1Malaysia Development Bhd sovereign wealth fund, marking a critical juncture in the nation's largest financial scandal.
Malaysia's High Court has ruled that 1MDB must surrender selected documents to support Najib's legal proceedings. The sovereign wealth fund has three weeks to comply with the directive.
Goldman Sachs will pay US$500 million to resolve shareholder litigation stemming from the 1MDB scandal. Investors alleged the bank concealed its role in the fraud while publicizing strong risk controls.
Goldman Sachs will pay US$500 million to resolve a shareholder lawsuit stemming from the 1MDB scandal. Shareholders alleged the bank misrepresented its involvement in the fraud and overstated risk controls.