Goldman Sachs Malaysia subsidiary pleads guilty in 1MDB bribery case and agrees to pay US$2.9 billion
Pedestrians wearing protective masks walk past the headquarters of the Goldman Sachs Group in New York, USA.
The Malaysian subsidiary of Goldman Sachs admitted that the company violated US anti-bribery laws in a project involving the sovereign wealth fund 1MDB of Southeast Asian countries.
Goldman Sachs has agreed to pay approximately $2.9 billion to multiple regulators. About 1.3 billion US dollars of this will be handed over to the U.S. Department of Justice, which is the largest fine so far issued by the U.S. Foreign Corrupt Practices Act, which prohibits companies from bribing foreign leaders.
“Greed is not good. Greed will eventually cost society a huge price.” said William Sweeney, deputy director of the Office of the Federal Bureau of Investigation in New York. “Unchecked corruption will erode public The trust of institutions and government agencies.”
Goldman Sachs has reached a settlement with the Malaysian authorities on this case, and agreed to reach a $3.9 billion agreement this summer. As part of the settlement agreement, Malaysia agreed to withdraw all criminal and regulatory litigation involving Goldman Sachs in the country, including lawsuits against the bank’s subsidiaries and certain current and former directors.
According to a document submitted by Goldman Sachs, various settlements include payments made by Goldman Sachs to other countries, which made Goldman Sachs pay a total of US$5.1 billion in fines for the scandal, as well as other civil Punishment.
This is equivalent to the profit of Goldman Sachs, one of the world’s richest and strongest financial companies, in the first nine months of this year. As of September 30, the bank had $153 billion in cash on hand, an increase of $20 billion from three months ago.
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