Goldman Sachs has agreed to a $3.9 billion settlement with Malaysia over the 1MDB corruption scandal. The company had raised money, which was then allegedly siphoned off to finance, among other things, 'The Wolf of Wall Street.' More:
Goldman Sachs has agreed to a $3.9 billion settlement with the Malaysian government over the 1MDB scandal. , the deal includes a $2.5 billion cash payout by the investment bank and a guarantee to return at least $1.4 billion in assets connected to 1MDB bonds.
Prosecutors in Malaysia filed charges in December 2018 accusing Goldman Sachs of misleading investors when it issued two rounds of bonds in 2012 and 2013 raising a total of $6.5 billion for 1MBD, a Malaysian sovereign investment fund now mired in scandal. Rather than be used to invest in Malaysia, however, much of this money was allegedly siphoned into offshores accounts. According to the U.S. Department of Justice in its record-breaking forfeiture claim in 2016, millions of dollars of stolen 1MDB money was used to set up, among other things, Red Granite Pictures, the production company founded by Riza Aziz and Joey McFarland and to finance its hit film.
Goldman Sachs has denied any wrongdoing, claiming they were lied about how the proceeds from the bond sales would be used by members of Malaysia's previous government, which was led by Najib Razak, arrested in 2018 and now facing multiple charges of corruption.
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