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Goldman Sachs pays $3.9bn to settle 1MDB corruption scandal

July 24, 2020 at 01:31PM

Malaysian finance minister hails return of ‘assets that rightfully belong to the people’

Goldman Sachs has reached a $3.9bn (£3.1bn) settlement with the Malaysian government over the 1MDB corruption scandal.

The deal struck by the Wall Street bank, which allegedly failed to act while $4.5bn was looted from its client, Malaysia’s sovereign wealth fund 1MDB, involves a cash payment of $2.5bn and a guarantee to recover $1.4bn in assets invested with the fraudulently diverted money. Goldman Sachs underwrote and arranged bond sales for the wealth fund totalling $6bn.

Related: 1MDB: The inside story of the world’s biggest financial scandal | Randeep Ramesh

Continue reading… via Banking | The Guardian https://bit.ly/3jxjgmF

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