Goldman Sachs Group Inc. and Malaysia signed an agreement to finalize the bank’s $3.9 billion settlement over the 1MDB scandal.
The U.S. bank, which had announced an agreement in principle on July 24, confirmed the formal accord in a regulatory filing late Tuesday in New York. The firm must make a $2.5 billion cash payment to Malaysia within 10 days, people with knowledge of the matter said this week, asking not to be identified as the information is private.
The pact marks a major step toward resolving the scandal surrounding 1MDB, a Malaysian state fund that’s at the center of global investigations into corruption and money-laundering. The deal announced in July called for Goldman to pay $2.5 billion while guaranteeing the return of $1.4 billion of 1MDB assets seized by authorities around the world, in exchange for Malaysia dropping charges against the bank.
The original full article can be found at aljazeera.com
(Photo: Free Malaysia Today)