On Friday, David Solomon, who is the chief executive of the Goldman Sachs Group Inc has defended the bank against all the criticisms related to the compliance as well as the oversight of the bank that is regarding the dealings with 1MDB which is a sovereign wealth fund.
This information is as per report of the Reuters based on the message sent to the employees by the bank.
According to the Reuters, in a video message, Solomon has stated that the bank believes that its culture as well as its process around its due diligence as well as compliance has been getting strong and is stronger even now.
This was reported by the Bloomberg earlier on Friday.
Bloomberg further stated that the bank does not allow their culture to be defined by those who break its rules and fail to uphold the values which is dear to the bank.
The comments by Solomon were in the wake of the criminal charges filed by the government of Malaysia on Monday, against Goldman Sachs.
This is the very first charge against the bank who had constantly been denying any wrongdoing.
The Department of Justice of the United States has made an estimation that about $4.5 billion was misappropriated from the 1Malaysia Development Berhad of Malaysia which is also known as 1MBD.
This was in the year 2009 to 2014 by the high level fund officials as well as their associates.
The stocks of the bank have witnessed a decline by about 28 percent since the 1st of November when the charges were announced by the bank. The current value of the stocks is $161.85 which earlier was $225.76.
In a voice message, Solomon had told the employees of the bank that he was “personally outraged” on the part that any official of the bank would take such action in the bank.
Source: Reuters, Bloomberg
