“Goldman Sachs” Settles $2Bn Fine with DoJ to Drop Criminal Charges over 1MDB Scandal!

Goldman Sachs Group Inc. has settled with the United States Department of Justice (DoJ) in paying a fine of more than $2 billion for its role in the 1MDB scandal.

 

The official announcement is expected to be within a few days, which would include the DoJ dropping the criminal proceedings against the bank after the settlement.

Aside from the $2 billion fine from DoJ, Malaysia also dropped criminal charges against three Goldman Sachs units in September after the bank agreed to pay $3.9 billion to settle the probe.

Goldman Sachs helped the Malaysian Fund in raising $6.5 billion in 2012 and 2013, as well as receiving $600 million as fees from the bond selling transactions.

 

1Malaysia Development Berhad, popularly known as 1MDB, is a Malaysian state-owned fund that later became the world, if not, biggest financial scandal. The scheme involve Malaysian’s former prime minister, Najib Razak, former Goldman Sachs’ executives which the bank stated that they were acting on their own and that the company had no knowledge of their actions.