Goldman to pay nearly $3 billion fine following foreign bribes probe – By CBS/AP News Staff (CBS News) / Oct 22 2020
A subsidiary of Goldman Sachs pleaded guilty on Thursday and agreed to pay more than $2.9 billion in a foreign corruption probe tied to the Malaysian 1MDB sovereign wealth fund, which was looted of billions of dollars in a corruption scandal.
In addition, several current and former top executives at Goldman will have to return to the company millions of dollars in pay and bonuses they had pocketed in prior years, a financial penalty for those in charge after the scandal unfolded.
Goldman Sachs Malaysia entered the plea in federal court in Brooklyn. As part of its plea, the company admitted that it “knowingly and willfully” conspired to violate U.S. anti-bribery laws.
The $2.9 billion includes payments to U.S. and overseas regulators. The penalties also include roughly $600 million in profits Goldman made off the 1MDB scandal that it will have to return. Goldman had previously reached a $3.9 billion settlement with the government of Malaysia.
Goldman Sachs’ board of directors decided to claw back pay and bonuses from top executives, including current CEO David Solomon and former CEO Lloyd Blankfein.
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