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“Goldman Sachs” liable for corruption, Malaysia’s 1MDB fund agrees to pay $ 2.9 billion.

AGENCY / Reuters – A subsidiary of famed U.S. investment banking Goldman Sachs has pleaded guilty to the U.S. anti-corruption conspiracy in a massive fraud in connection with the 1MDB wealth fund case. Malaysia

US media CNN reported on Oct. 23 that famous US investment bank Goldman Sachs agreed to the blame and agreed to pay entities totaling $ 2.9 billion.

Of which $ 1.3 billion will be paid to the US Department of Justice. The fines became the highest ever under the Foreign Corrupt Practices Act, a US law that prohibits American companies from bribing foreign leaders.

“Greed is bad. This greed is a huge cost for society, ”added William Sweeney, assistant director of the New York FBI office. “And the unchecked corrupt behavior erodes the confidence of public institutions and governments.”

The Goldman. Sachs compromised cases with the Malaysian government. It agreed in the summer to pay a deal worth $ 3.9 billion. And as part of the deal Malaysia will agree to withdraw the justice process involved in Goldman. Domestic sachs Including the fair procedures in connection with Goldman’s subsidiaries Sachs in Malaysia, as well as current and former directors.

Reference from Goldman’s filing Sachs found that the company had to pay for various settlements, including partial credit payments, to other countries. Sachs lost $ 5.1 billion in total.

CNN reported that Goldman Sachs reported in profits for the first nine months of 2020 that the bank had $ 153 billion in cash on hand on Sept. 30. That’s a $ 20 billion increase over the amount it had three months ago.

In a statement from COO Goldman Sachs, David Solomon to all bank staff, Goldman Sachs is delighted to be able to bring these lawsuits to an end.

“But we will not leave the lessons of these experiences behind,” he added. “When a colleague breaks company rules Or more serious is the law. We, as a company, must accept our responsibility and recognize the widespread failure that personal behavior represents our company. “

Which the Goldman Sachs said the compensation of Solomon and other top executives for 2020 would drop to just $ 174 million, according to Reuters. And the bank will seek to recall the $ 76 million paid or owed to three former Goldman executives. Sachs involved in corruption case in 1MDB

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