, Columnist
Goldman 1MDB Charges Will Give Bankers Shivers
Advisers in emerging markets where government mandates are often prized will have to think harder about where they do business.
Malaysia’s former Prime Minister Najib Razak and his wife have both been charged over the 1MDB affair.
Photographer: Joshua Paul/BloombergThis article is for subscribers only.
First it was the private bankers who were scared. Now, it’s the investment bankers’ turn to cower in the corner.
In 2016, Singapore sent two Swiss private banks — Falcon Private Bank and BSI SA — packing over their role in laundering billions of dollars stolen from 1MDB, a Malaysian sovereign wealth fund. The city-state also fined Credit Suisse Group AG, UBS Group AG, Standard Chartered Plc, Coutts & Co. and DBS Group Holdings Ltd. between S$700,000 and S$5.2 million ($509,000 and $3.8 million).