Goldman Sachs agreed to pay nearly US$3 billion to settle a probe into its role in Malaysia’s 1MDB corruption scandal on October 22, 2020. Under the terms, Goldman was slapped with a US$2.3 billion penalty and about US$600 million of disgorgement. The scandal dates back to the government of former Malaysian prime minister Najib Razak. His administration set up the 1MDB state investment fund in 2009, but billions of dollars from the fund was reportedly misappropriated. The settlement was announced by the US Justice Department’s acting assistant attorney general, Brian Rabbitt on October 22.
Video source: Reuters
