The Attorney General of Malaysia on Monday filed criminal charges against Goldman Sachs subsidiaries for their part in the 1MDB scandal.

Malaysian authorities allege that between May 2012 and March 2013 three bonds were issued by subsidiaries of 1MDB and underwritten by Goldman Sachs. These bonds raised a total of USD $6.5 billion, of which $2.7 billion was misappropriated. The statement by Malaysian Attorney General Tommy Thomas claims that the bonds raised money through false or misleading statements. The statement alleges Goldman Sachs benefited by charging excessively large fees while the employees involved were given bonuses and enhanced career prospects with Goldman Sachs and other firms in the investment banking industry.

Goldman Sachs has consistently denied any involvement in the misappropriation claiming that it was all done by officials at 1MDB. Goldman Sachs has additionally stated that they were not given the opportunity to respond to the charges before filing and plan to contest them.

Malaysian authorities are seeking criminal charges of fraud which will include significant fines and up to 10 years in prison for Goldman employees Tim Leissner and Roger Ng and 1MDB employees Jasmine Loo and Jho Low. A spokesman for Jho Low has stated: “Mr. Low will not submit to any jurisdiction where guilt has been predetermined by politics and there is no independent legal process.”