1MDB : Goldman Sachs Malaysian subsidiary admits guilt, Goldman pays penalties in Singapore and HK; explanation from ASIC's James Shipton long overdue

 by Ganesh Sahathevan

Goldman Sachs Malaysian subsidiary has admitted guilt with regards the 1MDB matter in Malaysia, while Goldman itself has agreed to pay a USD 2 Billion penalty with regards its part in the 1MDB theft.The offences concern breaches of the US Foreign Corrupt Practices Act (FCPA). 

Goldman has also paid hundreds of millions in fines in Singapore and Hong Kong with regards the 1MDB matter. 

Meanwhile ASIC chairman James  Shipton who held, during the relevant time between 2004 and 2013, senior positions at Goldman Sachs in Asia, including Head of Government and Regulatory Affairs, has maintained his silence. His work would have included dealing with  government officials. 

Shipton's leave of absence from ASIC pending an investigation into another matter provides a useful avenue in time for Shipton to clarify what he knew of the 1MDB theft. 

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TO BE READ WITH 

TO BE READ WITH 

Wednesday, November 7, 2018

Goldman Sachs CEO breaks silence on 1MDB: ASIC's James Shipton needs to do the same

by Ganesh Sahathevan

PHOTO: ASIC's new chair, James Shipton (Supplied: Harvard University)

Australia appoints Goldman man who oversaw 1MDB deals head of corporate

 regulator ASIC: James Shipton looked the other way to allow Goldman to profit 

from the 1MDB theft

This blog reported last year that James Shipton (pic above) the then newly appointed chairman of the Australian Securities And Investment Commission (ASIC), could not be assumed to not be involved in the 1MDB kleptocracy scandal.


Shipton was at the relevant time between 2004 and 2013 at Goldman Sachs in Asia, where he was, amongst other things
Head of Government and Regulatory Affairs .It was his job to work with government in order to further the interests of the firm.


Shipton has yet to explain why he should not be seen to
have been involved in Goldman's 1MDB deals.His silence has become even less tenable now that Goldman Sachs CEO David Solomon admitted that he "feel(s) horrible" that two ex-Goldman bankers “blatantly broke the law”.The attempt to isolate illegality aside,this is the first time that the CEO has spoken about Goldman's involvement in the 1MDB scandal in any meaningful way.
Meanwhile, the Financial Times, quoting Goldman insiders, has reported that over 30 Goldman Sachs personnel were involved in the 1MDB deals.


Against this backdrop, Shipton, ASIC and the Australia Government's silence on the matter of Shipton's involvement in the 1MDB scandal can only raise further suspicion about Shipton's acts and omissions with regards 1MDB.

END 

Reference

Goldman Sachs CEO: I feel horrible ex-bankers broke law in 1MDB case