Abu Dhabi Fund Sues Goldman Sachs

New York: An Abu Dhabi sovereign wealth fund has sued Goldman Sachs for losses linked to Malaysia’s state investment fund scandal. International Petroleum Investment Company (IPIC), and its subsidiary, Aabar, on Wednesday filed a summons in a New York state court naming the investment bank as a defendant, reports CNN. Goldman Sachs played a “central role” in implicating IPIC in the scheme to launder money from Malaysia’s sovereign wealth fund, 1Malaysia Development Berhad (1MDB), the fund said in a statement. 1MDB and IPIC had been business partners before the scandal came to light.

The Abu Dhabi fund claimed that Goldman conspired with others to bribe former executives of IPIC and Aabar, inducing them to “misuse the companies’ names, networks, and infrastructures to further the criminal schemes and to personally benefit Goldman Sachs” and others, according to the court filing. It did not say how much in damages IPIC was seeking. Meanwhile, the bank said it intended to fight the claims. The IPIC suit also named as defendants former Goldman Sachs bankers Tim Leissner and Roger Ng, as well as Andrea Vella, who the bank has placed on leave. (IANS)