Goldman's 1MDB case in Malaysia to be moved to higher court

KUALA LUMPUR - Malaysia is seeking to move the 1MDB-linked case against Goldman Sachs Group Inc to a higher court.

The order came from the Attorney-General's Chambers, which did not specify its reasons, he said, adding that such a move is usually due to the seriousness of the case. Malaysia is seeking fines in excess of the US$2.7 billion allegedly misappropriated and the return of US$600 million that Goldman made from the bond deal.The case has progressed slowly as Malaysia had struggled to serve criminal charges against the US bank's units overseas. Prosecutors said in June that they had completed serving the charges, while Goldman said the charges were incomplete. The matter was not discussed in court on Monday, the bank's lawyer Hisyam Teh said.

Source: Law Daily Report (lawdailyreport.net)

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