United States: Goldman subsidiary pleads guilty in 1MDB scandal

Goldman Sachs’ Malaysian subsidiary pleaded guilty to a bribery charge as the bank agreed a record $2.9bn global settlement with regulators over the 1MDB money-laundering scandal.

The settlement on Thursday came as Goldman said it would claw back up to $175m in pay and bonuses from current and former executives including David Solomon, the bank’s boss, and his predecessor Lloyd Blankfein.

The deal with regulators is the first criminal settlement in Goldman’s history as a public company. It was punished for ignoring multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad.

The original full article can be found at ft.com

(Photo: Reuters)

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