Goldman Sachs has come under scrutiny over its role in channelling funds out of Malaysia's sovereign wealth fund, which was headed by the country's former prime minister Najib Razak. We look at what's at stake for the bank.
What is 1MDB?
1Malaysia Development Berhad is Malaysia’s sovereign wealth fund fully owned by the country’s ministry of finance. The strategic investment entity owns a number of interests in the real estate and energy sector. The company was chaired by Najib Razak, the country’s former prime minister, who is now mired in a financial scandal.
What is the controversy over 1MDB?
Mr Razak, who headed 1MDB, was accused of embezzling 2.67 billion Malaysian ringgit, equivalent to $700m to his own personal bank accounts. The controversy led to Mr Razak’s resignation.
How is Goldman Sachs involved?
US investment bank Goldman Sachs made $600m in fees from a $3bn state-guaranteed bond issue, according to court papers.
What penalty has Goldman Sachs incurred?
The US indicted two former Goldman Sachs employees on Thursday, accusing them of working with a Malaysian financier to move millions of dollars out of 1MDB.
What do the indictments say?
The charges brought by the US Justice Department say that around $2.7bn was paid in kickbacks to officials in Malaysia by Goldman Sachs employees. Other estimates suggest the figure was substantially higher.
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Read more:
Lehman's collapse a decade ago might have ushered in a fairer world
Goldman and Morgan Stanley gain from targeting ultra-rich
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Yuki Means Happiness
Alison Jean Lester
John Murray
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
States of Passion by Nihad Sirees,
Pushkin Press
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
COMPANY%20PROFILE
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