Economic news

Goldman to Pay over $2B in DOJ's 1MDB Probe - Bloomberg News

Goldman Sachs Group Inc has reached an agreement with the U.S. Department of Justice to pay more than $2 billion for the bank's role in Malaysia's 1MDB scandal, Bloomberg News reported late on Monday.

The agreement, which may be announced within days, will allow Goldman Sachs to avoid a U.S. criminal conviction over the scandal, the report said, citing sources familiar with the matter.

The U.S. Department of Justice and Goldman Sachs did not immediately respond to Reuters requests for comment.

Malaysia in September dropped criminal charges against three Goldman Sachs units after the bank agreed to pay $3.9 billion to settle the probe.

Goldman Sachs had generated about $600 million in fees for its work with the Malaysian Sovereign wealth fund, which included three bond offerings in 2012 and 2013 that raised $6.5 billion.

Reporting by Ann Maria Shibu in Bengaluru; Editing by Aditya Soni

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree