The first criminal charges announced by the US Department of Justice DOJ in the scandal surrounding a defunct Malaysian state fund is a cautionary tale for banks operating in Asia. The frequent allusions to Goldman Sachs in the latest DOJ documents on this fund - 1MDB - should be seen as a warning to banks not to put profits ahead of corporate governance.
In an indictment posted on the website of the DOJ on November 1, the DOJ said “The business culture at US Financial Institution 1, particularly in Southeast Asia, was highly focused on consummating deals, at times prioritizing this goal ahead of the proper operation of its...
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