An Abu Dhabi sovereign wealth fund has sued Goldman Sachs over the Malaysian 1MDB scandal, accusing the US bank of bribing its officials during a “massive global conspiracy”.
The International Petroleum Investment Company, a former partner of the scandal-hit 1MDB fund, filed a lawsuit in New York on Wednesday, seeking unspecified punitive damages from Goldman and individuals including Tim Leissner, a former partner at the bank who has pleaded guilty to conspiracy charges over the affair.
In 2015, IPIC guaranteed billions of dollars of bonds arranged by Goldman and issued by 1MDB. After the Malaysian fund defaulted, Malaysia’s then-government agreed to repay IPIC in a settlement that has since been challenged by the country’s new government.
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