Goldman Sachs Malaysia admitted to charges violating anti-bribery provisions in the US Foreign Corrupt Practices Act, in relation to the 1MDB scandal.
The parent company avoided conviction in a deal known as a deferred-prosecution agreement, according to a court proceeding in Brooklyn, New York, on Thursday. That designation is a win for Goldman Sachs, because a conviction might have risked losing some institutional clients that are restricted from working with financial firms with criminal records.
The deal, which was expected, concludes one of the biggest bank probes inherited by the Trump administration. The case against the Wall Street firm focuses on its fundraising work in 2012 and 2013 for the state-owned fund formally known as 1Malaysia Development Bhd. Goldman’s investment-banking group, led at the time by now-chief executive officer David Solomon, collected US$600 million from the bond sales.
A Leissner subordinate, Roger Ng, was charged with conspiring with Low to launder money. He has denied wrongdoing.
Still, GOLDMAN SHARKS won't go bankrupt... NAJIB IS GUILTY AS CHARGED UNTIL... Will you forgive Najib, BANKERS & JHO LOW?
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