Smiths Group shares jump after it gets ‘superior’ £1.75bn offer for medical unit Smiths shares jump as it gets 'superior' £1.75bn offer for medical unit FTSE-100 tech company Smiths Group was among the biggest gainers today after it agreed to sell its medical unit to ICU Medical for around £1.75bn. Smiths could also bank a $100m bonus from the deal, dependant on the ICU Medical’s future share price. It led Smiths to recommend shareholders back the new “superior” offer instead [...]
Afghanistan’s former communications is now a bike courier in Germany Sayed Sadaat used to be communications minister in the Afghan government before moving to Germany last September in the hope of a better future. Watch the full report.
1MDB and Malaysia sue 44 KPMG partners for $5.6bn The Malaysian government and 1MDB sue KPMG for $5.6bn Malaysia govt, its Ministry of Finance and 1MDB are suing 44 KPMG Malaysia partners in a $5.64bn suit for their part in auditing the state investment fund. The lawsuit, which was filed earlier this week, accused KPMG of committing breaches of contract and negligence in its audit and certification of 1MDB’s financial statements for the [...]
Malaysia’s 1MDB launches legal bid to recover $23bn in assets after fraud scandal May 10, 2021 Malaysian state fund 1Malaysia Development Berhad (1MDB) has launched a legal bid to recover $23bn (£16.3bn) in assets following a fraud scandal that rocked the southeast Asian country. Malaysia and US state investigators estimate at least $4.5bn was stolen from 1MDB between 2009 and 2014 in a corruption scandal that has implicated former prime minister [...]
Deloitte to pay Malaysia $80m for role in 1MDB corruption scandal March 3, 2021 Audit giant Deloitte is set to pay $80m to the Malaysian government to settle claims of corruption tied to the auditing of scandal-linked state accounts, the finance ministry has said today. Deloitte’s fee will conclude its role in the corruption saga that involved former Malaysian prime minister Najib Razak who allegedly used the state fund [...]
Goldman Sachs boss hit with $10m pay cut due to 1MDB scandal January 27, 2021 Goldman Sachs boss David Solomon took a $10m pay cut last year due to the bank’s role in Malaysia’s 1MDB scandal. Soloman’s pay was reduced 36 per cent, from $27.5m in 2019 down to £17.5m last year, the investment bank said. It had previously confirmed that Soloman’s pay would be cut, along with finance chief [...]
Goldman Sachs to pay $3bn to settle charges over role in 1MDB scandal October 22, 2020 Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to settle a probe into its role in Malaysia’s 1MDB corruption scandal, drawing a line under a saga that has dogged the bank for years. The settlement resolves a probe led by US authorities into the bank’s role in underwriting three bond offerings in 2012 and [...]
Goldman Sachs ‘to pay $2bn fine’ in US Justice Department 1MDB probe October 20, 2020 Goldman Sachs has reportedly struck a deal with the US Department of Justice to pay more than $2bn (£1.54bn) over its role in the Malaysian 1MDB scandal. The agreement will let Goldman Sachs dodge a criminal conviction, Bloomberg reported. The news outlet said the fine may be announced within days. The deal would bring to [...]
Goldman Sachs reportedly in talks to admit guilt and pay $2bn to settle 1MDB probe December 19, 2019 Goldman Sachs is in talks with the US government to pay a $2bn (£1.5bn) fine and admit guilt to resolve a criminal investigation into its role in the Malaysian 1MDB corruption scandal, according to the Wall Street Journal. The bank and US officials have discussed a deal under which a Goldman subsidiary in Asia would [...]
US strikes deal to recover $1bn from fugitive 1MDB financier October 31, 2019 The US Justice Department has struck record a deal to recover $1bn (£773m) of funds allegedly looted from a Malaysian state investment fund by fugitive financier Jho Low. US authorities estimate that around $4.5bn of funds were siphoned from 1Malaysian Development Berhad (1MDB), which was founded in 2009 by then Malaysian prime minister Najib Razak. [...]