"I cannot stress enough how integrity is a cornerstone of our culture," newly-installed Chief Executive David Solomon said in a year-end message to employees. He stressed that the bank was working with authorities to bring to justice the culprits behind a scandal that has roiled Malaysia. Goldman helped 1MDB to issue $6.5 billion of bonds but Kuala Lumpur accuses the bank and its former employees of misappropriating $2.7 billion during the process. Malaysia on Monday filed criminal charges against Goldman Sachs and two of its former employees over the alleged theft of funds used to buy everything from yachts to artwork. Solomon, who took over the top spot at Goldman in October, said the bank conducted due diligence of the bond offerings.

Source: The Nation Bangkok December 21, 2018 21:45 UTC