Hong Kong (CNN Business) Malaysia has filed criminal charges against Goldman Sachs over its dealings with scandal-hit investment fund 1MDB. The US investment bank and four individuals — two of them former Goldman employees — are accused of "grave violations" of Malaysia's securities laws, Attorney General Tommy Thomas said in a statement Monday. The case relates to bond sales that Goldman ( GS ) arranged and underwrote for 1Malaysia Development Berhad (1MDB), a state investment fund, in 2012 and 2013. "Having held themselves out as the pre-eminent global adviser / arranger for bonds, the highest standards are expected of Goldman Sachs," Thomas said in the statement. He accused the bank and four individuals of misleading investors about the bond sales and fraudulently diverting $2.7 billion of the proceeds.

Source: CNN December 17, 2018 08:48 UTC