KUALA LUMPUR: Malaysian prosecutors on Monday said they would issue summonses to units of US investment bank Goldman Sachs in London and Hong Kong, requiring them to respond by June to criminal charges filed against them last year.
Soon after being elected in May, 2018, a new government charged three units of Goldman Sachs for misleading investors by making untrue statements and omitting key facts in relation to bond issues totaling $6.5 billion for state fund 1Malaysia Development Berhad (1MDB).
On Monday, only the Singapore unit of Goldman Sachs appeared at a pre-trial hearing in a Kuala Lumpur court as a respondent.
“Fresh summonses will be served on the United Kingdom and Hong Kong offices of Goldman Sachs ahead of the next court hearing on June 24,” prosecutor Aaron Paul Chelliah told reporters.
The 1MDB scandal played a major role in the electoral defeat that ended Najib Razak’s near decade in power, and a new government led by Prime Minister Mahathir Mohamad promptly re-opened corruption investigations.
Najib, who has consistently denied wrongdoing, is facing multiple criminal charges, mostly linked to 1MDB, and has been barred from leaving the country.
The US Department of Justice (DoJ) has estimated that a total of $4.5 billion was misappropriated by high-level 1MDB fund officials and their associates between 2009 and 2014, including some of the funds that Goldman Sachs helped raise.
Malaysia has said it was seeking up to $7.5 billion in reparations from Goldman Sachs, including $600 million in fees paid to the bank for the bond issues.
Goldman Sachs has consistently denied wrongdoing and said certain members of the former Malaysian government and 1MDB lied to it about how proceeds from the bond sales would be used.
A separate Kuala Lumpur court also set April 15 for prosecutors to serve documents to the defense for former Goldman Sachs banker Roger Ng.
Ng, a Malaysian, was charged on Dec. 19 last year with abetting the bank to provide misleading statements in the offering prospectus for the 1MDB bond sales.
Prosecutor Zaki Arsyad told the court he needed more time to obtain documents as most of them were overseas.
Ng was originally set to be extradited to the United States to face money laundering charges filed against him by the DoJ.
Malaysia, however, has said it may postpone the extradition until Ng can face a domestic trial first.
Tim Leissner, another former Goldman Sachs official, and Malaysian financier Low Taek Jho have also been charged in the United States over the alleged theft of billions of dollars from 1MDB. Leissner has pleaded guilty.
Low, whose whereabouts is unknown, has issued denials of any wrongdoing and has refused to return to Malaysia, saying that the case against him is politically motivated.
Malaysia to summon two Goldman Sachs units ahead of 1MDB case
Malaysia to summon two Goldman Sachs units ahead of 1MDB case
- The 1MDB scandal played a major role in the electoral defeat that ended Najib Razak’s near decade in power
- Malaysia has said it was seeking up to $7.5 billion in reparations from Goldman Sachs
Dubai’s GDP hits $96.6bn in first 9 months of 2025
Dubai’s economy expanded 4.7 percent in the first nine months of 2025, lifting gross domestic product to 355 billion dirhams ($96.6 billion) as growth accelerated across finance, construction and services, according to state data.
GDP reached 113.8 billion dirhams in the third quarter alone, up 5.3 percent from a year earlier, the Emirates News Agency – WAM reported, citing official figures.
Private-sector forecasts point to continued expansion, with a December research note from Emirates NBD projecting growth of about 4.5 percent in 2026, supported by tourism, investment and infrastructure momentum.
In its latest analysis, WAM said the sustained growth in Dubai’s economy reflects the vitality of the local economy and the success of development policies driving the emirate’s prosperity.
Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense and Chairman of the Executive Council of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, said: “The growth we are seeing today in Dubai’s economy is beyond what the numbers show, as it means more economic prosperity, family well-being, and growing confidence in the future of the Emirate.”
He added: “Dubai does not rely on a single sector, but on an economic system in which all sectors are integrated, to grow together strongly and steadily, based on harmonious work teams united by the determination to achieve the highest goals of the Emirate.”
Health and social work activities were the fastest-growing segment, expanding 15.4 percent year on year in the first nine months and contributing about 1.5 percent to GDP. Financial and insurance activities grew 8.5 percent and accounted for roughly 12 percent of output, highlighting the emirate’s role as a regional financial hub.
In the first three quarters of 2025, the construction sector grew by 8.5 percent and contributed 6.7 percent to the emirate’s GDP.
The real estate sector expanded by 6.7 percent during the first nine months of 2025, with its contribution to Dubai’s GDP reaching 8.2 percent.
Director General of the Department of Economy and Tourism, Helal Saeed Al Marri, said: “Dubai’s economic performance during the first nine months of 2025 reflects our ability to sustain and accelerate growth.”
He added: “Collaboration with our partners in the public and private sectors will enable us to launch initiatives that enhance competitiveness and open new horizons of opportunity, ensuring that Dubai remains on track to achieve the ambitious goals of Dubai’s D33 Economic Agenda.”
