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Scandal: Goldman Sachs agrees to pay $3bn

Goldman Sachs on Thursday agreed to pay nearly $3 billion to settle a probe into its role in Malaysia’s 1MDB corruption scandal, and its Malaysia unit pleaded guilty to violating foreign bribery laws, drawing a line under a saga that has dogged the bank for years, Reuters reported yesterday.

Thesettlementresolvesaprobe by U.S. authorities into the bank’s roleinunderwritingthreebondofferingsin2012and2013thatraised $6.5 billion for Malaysia’s government.

 

Under the terms, Goldman has been slapped with a $2.3 billion penalty and about $600 millionindisgorgementof ill-gotten gains.

 

The U.S. Department of Justice said the deal was the largest penaltyeverleviedonaU.S. company for breaching the Foreign Corrupt Practices Act and involved anunprecedentednumber of regulatorsacrosstheglobe. Brian Rabbitt, acting head of the Justice Department’s criminaldivision, saidthesettlement reflectedthebank’scentralrole “in a massive global scheme to lootbillionsof dollars” fromthe state Malaysian fund.”

 

Between roughly 2009 and 2014, Goldman paid more than $1.6 billion in bribes to foreign officials in Malaysia and Abu Dhabi to win 1MDB business, prosecutors said.

 

While the saga has proved a humbling and reputationally damaging episode for Wall Street’s powerhouse investment bank, the settlement will allow Chief Executive Officer, David Solomon, to accelerate his plan to reshape Goldman as a more conventional bank, analysts said.

 

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