Goldman Sachs Charged in Foreign Bribery Case and Agrees to Pay Over $2.9 Billion
The Goldman Sachs Group and its Malaysian subsidiary have admitted to conspiring to violate the Foreign Corrupt Practices Act in a scheme to pay over $1 billion in bribes to Malaysian and Abu Dhabi officials, to obtain lucrative business including underwriting approximately $6.5 billion in bond deals for 1Malaysia Development Bhd., for which it earned hundreds of millions in fees. Goldman Sachs will pay more than $2.9 billion as part of a coordinated resolution with criminal and civil authorities in the United States, the United Kingdom, Singapore, and elsewhere. In addition, DOJ has recovered (or assisted in the recovery of) in excess of $1 billion in assets for Malaysia associated with the 1MDB money laundering and bribery scheme.
