KUALA LUMPUR/WASHINGTON - Goldman Sachs Group Inc on Thursday reached a deal to settle a probe into the bank’s role in Malaysia’s 1MDB corruption scandal, which included total penalties of $2.9 billion.
Malaysian and U.S. authorities say $4.5 billion, including some of the money Goldman helped raise, was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials of the fund, Najib and others. The work earned the bank $600 million in fees and led to large bonuses for some of its executives, officials have said, although the bank has disputed that figure.
Goldman will pay a $2.3 billion fine to the Justice Department and other regulators, and a further $600 million in disgorgement of ill-gotten gains to settle the U.S. probe and avoid a criminal conviction at the group level. Leissner plead guilty to the charges last year, while Ng’s case is pending in a New York court. Ng is expected to face separate charges in Malaysia after his U.S. trial concludes.
After losing an election in 2018, Najib has been charged with 42 criminal offences in Malaysia, mostly linked to losses at 1MDB and other state entities.
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Goldman Sachs subsidiary pleads to US charges in 1MDB probeA subsidiary of Goldman Sachs pleaded guilty to federal charges in the U.S. and agreed to pay more than $2 billion in a foreign corruption probe tied to a Malaysian sovereign wealth fund. The fund was looted of billions of dollars. why aren't these cucks in jail. paying fines obviously doesn't stop the behavior. At least they didn’t burn town a target Speaking of foreign corruption probes laptopfromhell
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