Global Investigations Review - The law and practice of international investigations

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Monday, 03 December 2018

Goldman Sachs finds no compliance deficiencies amid 1MDB probe

Goldman Sachs said that misconduct in dealings with Malaysian investment fund 1MDB was concentrated to the former executives indicted by the US Department of Justice (DOJ), the Financial Times reports.  

The DOJ revealed charges against former Goldman Sachs executives Tim Leissner and Roger Ng on 1 November, accusing both of conspiring to launder money and conspiring to violate the US Foreign Corrupt Practices Act.

Leissner has pleaded guilty to the charges. Ng is reportedly filing an application to review his arrest in Malaysia at the request of US authorities. 

Goldman Sachs is under investigation over its dealings with 1MDB. According to the Financial Times the bank found no evidence of deficiencies in its internal compliance programmes.

Panama Odebrecht investigation “80% complete”

Panama’s public prosecutor’s office has said that its investigation into the Odebrecht scandal is “80% complete” and could be concluded within the first three months of 2019, reports El Diario.

The investigation, launched at the end of 2016, has resulted in 76 individuals suspected of corruption, five sentencings and the recovery of over $255 million, the newspaper reports.

The public prosecutor’s office said it will reveal which Panamanian officials were involved when it files its inquiry.

“We have identified in the period of 2006-2009 the route that the money took to the legal entities mentioned; then to senior officials… but we have to comply with legal formalities,” Zuleyka Moore, public prosecutor of Panama, reportedly said.

Panama has been investigating the Brazilian construction giant as part of a large-scale international bribery probe.

Netanyahu faces third case of corruption allegations

Israeli police on 2 December said they had found enough evidence to bring bribery and fraud charges against prime minister Benjamin Netanyahu and his wife in a third corruption case, Reuters reports.

Authorities allege that Netanyahu awarded favours to Israel’s leading telecommunications company, Bezeq Telecom Israel, in return for more positive coverage of him and his wife on Walla, a news website owned by the company.

Netanyahu has denied wrongdoing.

The attorney general, who is still weighing whether to charge Netanyahu in two other fraud and bribery cases, will make the final decision on Netanyahu’s indictment, according to Reuters.

Two Swiss ZKB bankers sentenced to one-year probation

Two bankers, who pleaded guilty in August to conspiring to assist US citizens in evading taxes, have each been sentenced to one year of probation and have been ordered to pay a special assessment of $25.

A Manhattan federal judge handed down the sentence against Zürcher Kantonalbank (ZKB) employees Stephan Fellmann and Christof Reist – who retired in 2017 – on 30 November.

The US Attorney’s Office for the Southern District of New York entered into a $98.5 million deferred prosecution agreement with ZKB after the Swiss bank admitted to helping US taxpayers evade taxes between 2002 to 2009.

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