The executives said Goldman Sachs also relied on correspondence between senior Ipic executives and high-ranking Malaysian government officials to clear approval hurdles from its internal and external compliance teams. The bank acknowledged an Ipic board resolution was not obtained for the bond issue. The US banking concern, which received over US$600mil (RM2.5bil) in fees from the 1MDB bond deals, did not elaborate and declined further comment. "The big issue Goldman (Sachs) will have to establish is whether the other supporting documentation was equal to or greater than a board approval. And also, why it simply did not secure one," said a former executive of a listed company that was involved in the bond issue.

Source: The Star December 20, 2018 04:18 UTC