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Report: Goldman Sachs under Singapore scrutiny over 1MDB

Singapore has included Goldman Sachs Group Inc.'s local unit in its own investigation into the 1Malaysia Development Bhd. scandal, Bloomberg News reported Dec. 21, citing people with knowledge of the matter.

Authorities are now checking to see whether a portion of the $600 million in fees the company received from handling three 1MDB-related transactions flowed to its Singapore subsidiary, the report said. Although Singapore had been reviewing Goldman Sachs' relationship with the Malaysian sovereign fund since late 2017, the investment bank was not the subject of the city-state's probe.

The expanded review could expose the company to another legal battle, Bloomberg added. Singapore had already issued a lifetime ban against former Goldman Sachs banker Tim Leissner after he admitted to charges brought against him by the U.S. Department of Justice over his role in the 1MDB scandal.

Earlier this week, Malaysia also filed a lawsuit against three Goldman Sachs units and former bank executives, including Leissner, for their alleged involvement in the 1MDB scandal.