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Companies & Markets

Goldman Sachs, former banker sued over Malaysian bank takeover

Published Tue, Jul 26, 2016 · 03:04 PM
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[KUALA LUMPUR] Goldman Sachs Group Inc and its former chairman for Southeast Asia were sued by a private equity fund that alleged that they hid conflicts of interest while advising a Malaysian bank that was acquired for US$1.7 billion five years ago in order to curry favour with the country's prime minister.

Primus Pacific Partners 1 LP accused Goldman Sachs and former banker Tim Leissner of betraying their duties as financial adviser to EON Capital Bhd, which was taken over by Hong Leong Bank Bhd in May 2011 to create Malaysia's fourth-biggest lender.

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