• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Legal

Goldman Sachs settles 1MDB scandal with Malaysia for $3.9bn

Goldman Sachs settles 1MDB scandal with Malaysia for $3.9bn
  • Gary Robinson
  • 24 July 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Goldman Sachs has reached a $3.9bn (£3bn) settlement with the Malaysian government over the multi-billion dollar 1MDB scandal, relating to the bank's role in the corruption scandal at 1Malaysia Development Berhad, the country's sovereign wealth fund. 

The settlement includes a $2.5bn cash payout by Goldmans and a further guarantee to return at least "at least $1.4bn in proceeds from assets related to 1MDB seized by governmental authorities around the world," the company said in a statement.

Related articles

  • Former Malaysian PM Razak found guilty over 1MDB charges
  • Goldman Sachs executive banned for life from banking industry over 1MDB
  • Hong Kong slaps record $350m fine on Goldman Sachs over 1MDB
  • Malaysia brings criminal charges against Goldman Sachs over 1MDB fund

The government of Malaysia has agreed to drop all criminal and regulatory proceedings in Malaysia involving the firm, including pending proceedings against subsidiaries of Goldman Sachs and certain current and former directors, Goldman Sachs said in a statement announcing the settlement.

As reported, the case relates to bond sales that Goldman Sachs arranged and underwrote for 1MDB, from which the US Justice Department alleges $4.5bn was stolen to which the bank said the charges were "misdirected".

Resolved

Today's settlement does not cover two former Goldman Sachs bankers, Tim Leissner and Roger Ng but the deal resolves all outstanding charges and claims against the bank.

The company statement pointed that the agreement in principle "does not resolve the other pending governmental and regulatory investigations involving the firm relating to 1MDB".

"In light of this development, Goldman Sachs expects to materially increase its provisions for litigation and regulatory proceedings for the second quarter of 2020, which will be reflected in its financial statements to be filed with its Quarterly Report on Form 10-Q for the period ended June 30, 2020," the statement added.

Subscribe to International Investment's free, twice-daily, newsletter

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Legal
  • Goldman Sachs
  • $3.9bn
  • Malaysian
  • 1Malaysia Development Berhad
  • US Justice Department
  • Tim Leissner
  • Roger Ng

More on Legal

Pence 'unlikely' to pursue 25th amendment as Trump concedes election

  • Legal
  • 08 January 2021
BlackRock's Fink among US business leaders demanding Congress certify Biden win

  • Legal
  • 06 January 2021
Hong Kong regulator bans former StanChart banker

  • Legal
  • 26 November 2020
Germany issues arrest warrants for founders of Panama Papers firm

  • Legal
  • 23 October 2020
Adviser charged with dishonest conduct in Australia

  • Legal
  • 06 October 2020
Back to Top

Most read

Duff & Phelps opens Gibraltar office
Duff & Phelps opens Gibraltar office
Brexit deals hefty blow to City but industry is ready to fight back
Brexit deals hefty blow to City but industry is ready to fight back
Comment: Are cryptocurrencies the new gold?
Comment: Are cryptocurrencies the new gold?
FSCS warns industry of £1bn compensation bill
FSCS warns industry of £1bn compensation bill
Dubai regulator to develop cryptocurrency framework
Dubai regulator to develop cryptocurrency framework
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading