The U.S. Federal Reserve said on Tuesday that it permanently barred a former Gol...
WASHINGTON - The U.S. Federal Reserve said on Tuesday that it permanently barred a former Goldman Sachs Group Inc executive from the banking industry over his role in Malaysia’s multi-billion-dollar 1MDB corruption scandal.
Malaysian and U.S. authorities have charged Low in connection with the theft of billions of dollars from 1MDB, which was originally set up by former Malaysia Prime Minister Najib Razak to fund infrastructure projects. Andrew Levander, a lawyer at Dechert representing Vella, said the fact that his client was not fined shows that Vella did not know about wrongdoing, such as others discussing or accepting bribes or kickbacks.
The U.S. Justice Department says that $4.5 billion was misappropriated by high-level 1MDB fund officials and their associates between 2009 and 2014.
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