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Goldman Pays Billions—And Takes Millions From Top Execs—To End 1MDB Scandal
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The check to the U.S. government and four other countries of $3 billion by Goldman Sachs is the largest fine ever paid. It ends a yearlong investigation first reported in the WSJ on 1MDB Malaysian fund. It will cost Goldman $5 billion in financial penalties for its dealings with the Malaysian fund 1MDB. The fund was intended for the development of Malaysia and improving the economy for the benefit of the people but ending up being used for other purposes. Prosecutors said it had become a source of funds for government officials, investment bankers. In New York federal court a Goldman subsidiary pleaded guilty to conspiring to violate bribery laws.
An expert on corporate enforcement at Duke University says the agreement with the government is lacking in that the potential fine could have been as high as $5 billion, and lacks monitoring to ensure compliance in the future.
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