Goldman Sachs Strikes $3.9B Deal With Malaysia Over 1MDB
Law360 (July 24, 2020, 12:33 PM EDT) -- Goldman Sachs has agreed to a $3.9 billion settlement of the Malaysian government's criminal case over the bank's role in the 1Malaysia Development Bhd. scandal, the country's finance minister announced Friday.
The deal would include a $2.5 billion cash payment to the Southeast Asian nation and a recovery of at least $1.4 billion in assets traceable to the "diverted proceeds" of three bond offerings Goldman underwrote for 1MDB, Malaysia's sovereign wealth fund, in 2012 and 2013.
The offerings netted Goldman $600 million in fees and raised more than $6 billion for the fund, which Malaysian and U.S. investigators have since revealed...
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