Listen: Malaysia, Goldman, Jolo discussed on The Journal.
"Welcome welcome back as Goldman in one. MGB were working together. It turned out those high fees. Golden was charging. We're just for the first year. The fees stayed high. All in Golden. Would you three deals for one. MD be they would raise six point five billion dollars and they made about six hundred million dollars in fees about ten percent ten percent. And how much does a bank normally make an deal like this one to two percent okay. So it was massively larger massively larger so these steals started to get noticed noticed in the markets by other investors and traders. They started to get noticed by the press because the question was how did Goldman makes so much money with this is fun that no one had ever heard of and so people across the world various places start looking into this. Malaysia starts looking into this. They're wondering what did we pay. This fee for Malaysian authorities started asking questions about what was happening to the billions of dollars. Goldman had helped one. MD Berets because despite raising so much money there wasn't much to show for it and then in two thousand fifteen one. MDP's offices in Malaysia raided by the police and they walk out with all kinds of documents. Achievements this is sort of where the first pillar of this whole scheme starts to collapse before long. US authorities are investigating eating also the attorney general at the time. Loretta Lynch laid out the scope of the fraud. Investigators were saying they'd found as my colleagues explained in further detail. The co-conspirators laundered their stolen funds through a complex web of opaque transactions and fraudulent shell companies with bank accounts in countries around the the world including Switzerland Singapore and the United States. What they find is that one? MD just got looted. The money just flew blew out of this fund all the money stolen something like four and a half billion dollars four and a half billion dollars. Investigators the gators now say was stolen from the fund. It's one of the biggest heists in history prosecutors say it mostly went to three places one is allegedly to the prime administer of Malaysia and his family who is running for reelection at the time prosecutors say that hundreds of millions of dollars from one. MD got diverted into a political slush fund for him to kind of handout favors and shore up his popularity. A lot of it went to allegedly to his family to his wife received A lot of jewelry and art work can they allegedly really funded like a very expensive lifestyle that he would not otherwise have been able to afford on a government salary the prime minister's alleged involvement with one. MGB You turned into a major political crisis in Malaysia. He lost a bid for reelection in twenty eighteen and is now on trial facing charges of money laundering abuse of power our and criminal breach of trust. He's pleaded not guilty. The second place prosecutors say a lot of the money went was to Jolo. He's the guy who'd been close to the prime minister. Mr And who'd already been on Goldens radar years earlier as a potential red flag. Jolo allegedly you know. He bought a huge yacht. callback when Emini Through fantastic parties in Vegas gambler. He bought A lot of Newark real estate. He helped finance a movie production company which made the wolf off of Wall Street Leonardo DiCaprio great movie. Movie out the irony. There is pretty incredible in October. Low came to an agreement with authorities to give up more than seven hundred million dollars in assets the surrendered assets included real estate a luxury yacht and a a private jet in a statement at the time. Low said the agreement did not constitute an emission of guilt liability or any form of wrongdoing low has said he had no official role at the fund and that he did nothing wrong. Jolo's whereabouts are unknown. He's wanted in the US where he faces. Criminal charges."