Goldman Sachs CEO: ‘Very distressing’ that former bankers ‘broke the law’ in 1MDB case

US prosecutors filed criminal charges against the two former Goldman bankers involved in the 1MDB case. (Reuters)
Updated 07 November 2018
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Goldman Sachs CEO: ‘Very distressing’ that former bankers ‘broke the law’ in 1MDB case

  • US prosecutors filed criminal charges against the two former Goldman bankers

SINGAPORE: Goldman Sachs Chief Executive David Solomon said on Wednesday it was “very distressing” that two former employees “blatantly broke the law” in their dealings with Malaysian state fund 1MDB.
US prosecutors filed criminal charges against the two former Goldman bankers and a Malaysian financier over the alleged theft of billions of dollars from the fund.
“It is obviously very distressing to see two former Goldman Sachs employees went so blatantly around our policies and so blatantly broke the law,” Solomon said in an interview with Bloomberg TV in Singapore.
“I feel horrible about the fact that people who worked at Goldman Sachs, and it doesn’t matter if it’s a partner or it’s an entry level employee, would go around our policies and break the law,” Solomon said.


Kuwait Projects Co. hires Goldman Sachs for sale of OSN — sources

Updated 21 November 2018
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Kuwait Projects Co. hires Goldman Sachs for sale of OSN — sources

DUBAI: Kuwait Projects Co. (KIPCO), the Gulf state’s largest investment company, has hired Goldman Sachs to advise it on the sale of its majority stake in pay-television operator OSN, sources familiar with the matter told Reuters.
OSN, which this year signed the first partnership deal in the region with Netflix, posted a 71 percent drop in income in the three months to Sept. 30, according to KIPCO’s latest financial results.
KIPCO and Goldman Sachs declined to comment.
KIPCO said in the results, released last week, that the company’s board had approved initiating a plan to divest its 60.5 percent equity interest in Panther Media Group, also known as OSN, and had engaged an international investment banker for the purpose. It did not disclose the name of the banker.
With the rights to broadcast into countries across the Middle East and North Africa, OSN has more than 180 channels, according to its website. Its other shareholder is Mawarid Group.
OSN faces subdued demand in its core markets due to piracy, geopolitical factors and fiscal reforms by governments which have led to sizeable expatriate populations leaving some of its core markets, said Anuj Rohtagi, director of group financial control at KIPCO in KIPCO’s third-quarter earnings conference call on Nov. 15. He added OSN was taking action to cut costs and attract new customers.
It is not the first time KIPCO has explored offloading at least some of its stake in OSN. In 2014, it said it planned to start the process for an initial public offering of OSN shares.