This article first appeared in The Edge Financial Daily on October 1, 2019

KUALA LUMPUR: The prosecution informed the Magistrate’s Court here yesterday that it intends to transfer the Goldman Sachs case involving some US$6.5 billion worth of 1Malaysia Development Bhd (1MDB)-linked bonds to the High Court.

Goldman Sachs is being summoned in Malaysia, as the financial services provider is accused of misleading investors by making untrue statements and omitting key facts in relation to the 1MDB-related bond issues.

Deputy public prosecutors Datuk Raja Rozela Raja Toran and Aaron Paul Chelliah informed Magistrate Mohamad Fared Abdul Latif about the prosecution’s intention and sought another mention date for this case.

As a result, Mohamad Fared set Oct 22 for mention, by which time the prosecution would have formally filed the written application, said Aaron.

Senior lawyer Hisyam Teh Poh Teik is representing Goldman Sachs.

Under the case, Malaysia has summoned Goldman Sachs (Singapore), UK-based Goldman Sachs International Ltd and Hong Kong-based Goldman Sachs (Asia) LLC.

Representing the three Goldman Sachs units is the group’s head of financial crime compliance David Cope.

Goldman Sachs is facing charges under Malaysia’s Capital Markets and Services Act 2007.