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Goldman Sachs agrees to pay US$2.9 bil. to resolve probe into its role in 1MDB scandal Updated: 2020-10-23 09:55:17 KST

Goldman Sachs has agreed to pay over 2.9 billion U.S. dollars, pleading guilty for being involved in a foreign corruption probe tied to the Malaysian sovereign wealth fund, known as 1MDB.

Brian Rabbitt, Acting Assistant Attorney General
"Today's resolution includes the largest monetary penalty ever paid to the United States in a corporate criminal foreign bribery resolution and requires the bank to pay a total of over 2.9 billion dollars in criminal fines, penalties and disgorgement."

On top of this, several current and former top Goldman Sachs executives will face financial penalties as well, having to return millions of dollars in pay as well as bonuses to the company, worth some 174 million dollars in total.
1MDB was a state fund set by former Malaysia Prime Minister Najib Razak in 2009 for the stated purpose of boosting domestic economic development.
Instead, the funds were said to have been used by a Malaysian financer to fund an eye-watering spending spree, including yachts and buildings.
It's also estimated that some 4.5 billion dollars was siphoned off by the former Prime Minister and his affiliates.
During this process, Goldman bankers reaped in around 6-hundred million dollars in fees to facilitate bond deals from 2012 to 2013.
Kim Hyo-sun, Arirang News.
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