Goldman Sachs has been fined $2.9 billion after pleading guilty to violating US foreign corruption laws to defraud Malaysia's 1MDB, the US Justice Department said in a release on Wednesday
NEW YORK (Pakistan Point News / Sputnik - 22nd October, 2020) Goldman Sachs has been fined $2.9 billion after pleading guilty to violating US foreign corruption laws to defraud Malaysia's 1MDB, the US Justice Department said in a release on Wednesday.
"Goldman Sachs will pay more than $2.9 billion as part of a coordinated resolution with criminal and civil authorities in the United States, the United Kingdom, Singapore, and elsewhere," the release said.
The Justice Department explained that Goldman Sachs pleaded guilty to conspiring to violate the Foreign Corrupt Practices Act, but had also entered into a deferred prosecution agreement.
The 1MDB case involves a multi-jurisdictional investigation of the theft of nearly $3 billion or more from the fund before being laundered through the banking and financial systems of other countries, including Switzerland and the United States.
The Justice Department said New York-based Goldman Sachs pleaded guilty to contravening the Foreign Corrupt Practices Act to pay over $1 billion in bribes to Malaysian and Abu Dhabi officials to obtain lucrative business and underwrite approximately $6.5 billion in three bond deals for 1MDB. The bank agreed to forfeit the $600 million in fees that it earned from the bond issue.