• Latest
  • Trending
Goldman Sachs to pay $3bn over 1MDB Corruption Scandal

Goldman Sachs to pay $3bn over 1MDB Corruption Scandal

October 23, 2020
Can Nigeria Sell Crude Oil in Naira to the Dangote Refinery?

Can Nigeria Sell Crude Oil in Naira to the Dangote Refinery?

March 2, 2021
Bill to Amend Nigeria’s Revenue Sharing Formula Passes Second Reading at Senate, 20% Proposed for Sovereign Fund

Nigerian Senate Affirms New Service Chiefs’ Appointment

March 2, 2021
Nigerian-born Professor Akande Gets UK Nomination as Representative to UN Commission

Nigerian-born Professor Akande Gets UK Nomination as Representative to UN Commission

March 2, 2021

Morning Show

March 2, 2021
Buhari Orders Nigeria’s Central Bank to Stop Issuing Forex for Food Importation

Ransom Payments Will Continue to Prosper Kidnapping, President Buhari Says After Release of Zamfara Schoolgirls

March 2, 2021
Three South Sudan Military Generals Die of Covid-19

Three South Sudan Military Generals Die of Covid-19

March 2, 2021

BREAKING: Nigeria Takes Delivery of 3.92m Doses of AstraZeneca Vaccines

March 2, 2021
Nigeria: DSS Releases Kano Governor’s Aide Dismissed for Criticising Buhari

Nigeria: DSS Releases Kano Governor’s Aide Dismissed for Criticising Buhari

March 2, 2021
‘Indecently Dressed Tourists’ in Zanzibar to Pay Fine

‘Indecently Dressed Tourists’ in Zanzibar to Pay Fine

March 2, 2021
Niger Opposition Leader Charged With Plot to Overthrow Government

Niger Opposition Leader Charged With Plot to Overthrow Government

March 2, 2021
Chad Opposition Leader Pulls Out of Presidential Race

Chad Opposition Leader Pulls Out of Presidential Race

March 2, 2021
Behind the Numbers: MTN Nigeria’s Record-breaking N1.3tn Revenue Year

Behind the Numbers: MTN Nigeria’s Record-breaking N1.3tn Revenue Year

March 2, 2021
Oil Prices Fall on Renewed Coronavirus Concerns as China Cases Mount

Oil Price Rebounds to $66 Ahead of OPEC Meeting

March 2, 2021
Ex-President Bartomeu, Others Arrested as Police Raid FC Barcelona

Ex-President Bartomeu, Others Arrested as Police Raid FC Barcelona

March 2, 2021
Chinese Vaccines Sweep Much of the World, Despite Western Concerns

Chinese Vaccines Sweep Much of the World, Despite Western Concerns

March 2, 2021
Betting on Death of Petrol Cars, Volvo to Go All Electric By 2030

Betting on Death of Petrol Cars, Volvo to Go All Electric By 2030

March 2, 2021
Name Schoolgirls’ Abductors, Nigerian Socio-cultural Groups Tell Zamfara Governor

Name Schoolgirls’ Abductors, Nigerian Socio-cultural Groups Tell Zamfara Governor

March 2, 2021
New York Governor Cuomo under Investigation By FBI for Nursing Home Deaths

Calls for Cuomo’s Resignation Mount as 3rd Sexual Harassment Accuser Emerges

March 2, 2021
Terrorists Attack UN Base in Nigeria’s Northeast Borno State, 25 Aid Workers Trapped

Terrorists Attack UN Base in Nigeria’s Northeast Borno State, 25 Aid Workers Trapped

March 2, 2021
Nigeria Threatens Second Lockdown Over Low Compliance with Covid-19 Protocols

Covid-19: Nigeria to Vaccinate 70% of Population Before 2022, SGF Mustapha Says

March 2, 2021
Ghana’s President Akufo-Addo Becomes First Recipient of Covid Vaccine from COVAX

Ghana’s President Akufo-Addo Becomes First Recipient of Covid Vaccine from COVAX

March 2, 2021
Zamfara Schoolgirls in Northwest Nigeria Released Early Hours of Tuesday

Zamfara Schoolgirls in Northwest Nigeria Released Early Hours of Tuesday

March 2, 2021
ARISE Newsnight

ARISE Newsnight

March 1, 2021
ARISE XCHANGE

ARISE XCHANGE

March 1, 2021
Nigerian Government Opens Portal for Covid Vaccination E-registration

Nigerian Government Opens Portal for Covid Vaccination E-registration

March 1, 2021

ARISE NEWSDAY

March 1, 2021
Former France President Sarkozy Found Guilty of Corruption, Sentenced to Prison

Former France President Sarkozy Found Guilty of Corruption, Sentenced to Prison

March 1, 2021

Global Business Report

March 1, 2021

Morning Show

March 1, 2021
Ramaphosa to Address South Africans on Covid 

South Africa Drops Coronavirus Alert Level After Dip in New Infections 

March 1, 2021
en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
No Result
View All Result
Tuesday, March 2, 2021
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
Arise News
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates
No Result
View All Result
Arise News
No Result
View All Result
Home Business

Goldman Sachs to pay $3bn over 1MDB Corruption Scandal

October 23, 2020
Reading Time: 4min
0 0
0
Goldman Sachs to pay $3bn over 1MDB Corruption Scandal
Share on FacebookShare on Twitter

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to end a probe of its role in the 1MDB corruption scandal. The bank’s Malaysian subsidiary also admitted in US court that it had paid more than $1bn in bribes to win work raising money for the Malaysian state-owned wealth fund.

US officials said the record settlement reflected Goldman’s “central” role in a “massive corruption scheme”. Goldman admitted it had fallen “short”, calling it an “institutional failure”.

In all, the investment bank is due to pay about $5bn in penalties – about two thirds of its 2019 profits – to regulators around the world, including in the UK, to resolve cases that have severely tarnished the firm’s reputation.

Goldman’s board also said it will recoup or withhold $174m in compensation awarded to executives, including retired boss Lloyd Blankfein, under whose watch the scandal happened.

“The board views the 1MDB matter as an institutional failure, inconsistent with the high expectations it has for the firm,” it said in a statement.

The 1MDB scheme was a global web of fraud and corruption, in which billions of dollars ostensibly raised for public development projects in Malaysia instead landed in private pockets, including those of the country’s former prime minister Najib Razak.

Authorities in Asia, the US and Europe have spent years tracking down cash and assets paid for with money stolen from the Malaysian fund, including property, jewellery and art.

In announcing the settlement on Thursday, US Department of Justice officials said Goldman Sachs had enabled a scheme that caused “significant harm”.

“That harm was borne principally and in the first instance by the people of Malaysia, who saw a fund created to benefit them… instead turned into a piggybank for corrupt public officials and their cronies,” said Brian Rabbitt, acting assistant attorney general of the Justice Department’s criminal division.

In July, Najib was found guilty in Malaysia on all seven counts in the first of several multi-million dollar corruption trials and sentenced to 12 years in jail.

He had pleaded not guilty to the charges of criminal breach of trust, money laundering and abuse of power and is appealing the decision.

Probes of Goldman Sachs focused on its help raising $6.5bn in 2012 and 2013 for the fund formally known as 1Malaysia Development Bhd (1MDB), work authorities said earned the firm more than $600m.

Goldman had long blamed rogue employees, asserting it had no idea the money it helped raise would be diverted from planned development projects within Malaysia.

But on Thursday, the bank admitted that its Malaysian unit had “knowingly and willingly” paid bribes to foreign officials and that it had ignored red flags that should have alerted higher-ups to problems with the deal.

It agreed to return the $600m to Malaysia and pay roughly $2.3bn to regulators in the US, UK, Hong Kong and Singapore.

The settlement with the US charged the parent company with bribery violations, but authorities agreed to defer prosecution. That move allows Goldman to avoid a criminal conviction, a black mark that would have forced some clients to end work with the fund.

Earlier, one former Goldman Sachs partner, Tim Leissner, pleaded guilty in the US to conspiring to launder money and violating foreign bribery laws. Another executive is awaiting trial on foreign bribery offenses.

“We have to acknowledge where our firm fell short,” chief executive David Solomon said. “While many good people worked on these transactions and tried to do the right thing, we recognise that we did not adequately address red flags and scrutinise the representations of certain members of the deal team… as effectively as we should have.”

Tags: Goldman Sachs to pay $3bn over 1MDB Corruption Scandal
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 Arise News - Part of the Arise Media Group.

No Result
View All Result
  • HOME
  • Breaking
  • Global
  • Regional
  • BUSINESS
  • Politics
    • US ELECTION
  • Entertainment
  • Sports
  • TECH
  • Health
  • VIDEOS
  • Covid-19 Updates

© 2020 Arise News - Part of the Arise Media Group.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist