An Abu Dhabi investment fund is claiming that Goldman Sachs caused it losses with its role in the 1MDB Malaysian fraud and bribery scandal. International Petroleum Investment Co. and Abar Investments PJS filed a complaint Wednesday seeking unspecified damages.
The funds allege that Goldman paid privates to a former manager of IPIC and former CEO of Abar Investments. Bloomberg is reporting that Tim Leissner, Goldman Sachs’s former chairman of Southeast Asia, admitted in a plea that he bribed officials to get bond deals and said a culture of secrecy at the investment bank led him to conceal wrongdoing from compliance staff.