Goldman Sachs reaches $3.9B settlement in 1MDB money-laundering case
Prosecutors say ex-Malaysian leader stole billions from an economic development fund
Goldman Sachs has reached a $3.9B settlement with Malaysia over the 1MDB sovereign wealth fund that was used to launder money.
Malaysian and U.S. prosecutors had alleged that bond sales organized by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian leader Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysia’s economic development.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Najib was arrested as part of the scandal. Two former Goldman Sachs bankers have been charged in connection with helping 1MDB launder money.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 445.32 | +1.58 | +0.36% |
Goldman on Friday said it had agreed to pay the government of Malaysia $2.5 billion and to guarantee that it gets at least $1.4 billion in proceeds from assets that have since been seized around the globe.