Singapore: Goldman Sachs to pay S’pore Govt $165m for role in 1MDB scandal

Goldman Sachs Singapore will pay US$122 million (S$165 million) to the Singapore Government for its role in the 1Malaysia Development Berhad (1MDB) bond offerings corruption scandal.

The penalty is believed to be the largest imposed on a financial institution here, and will be paid by Goldman’s local unit to the Singapore Government’s Consolidated Fund.

The Singapore payment is part of the nearly US$3 billion that parent Goldman Sachs has agreed to pay to the United States authorities after its Malaysia unit said it would plead guilty to violating foreign bribery laws.

The original full article can be found  at straitstimes.com

(Photo: Free Malaysia Today)

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