American investment bank Goldman Sachs will pay nearly $ 3 billion in the US for its role in the Malaysian sovereign wealth fund 1MDB scandal. The Ministry of Justice has announced this.
The amount breaks down into a fine of $ 2.3 billion and the repayment of commissions of just over $ 600 million that the investment bank has collected for – corrupt – bond issues organized on behalf of 1MDB.
Earlier Thursday, it was announced that Goldman Sachs would pay a fine of $ 350 million in Hong Kong. A $ 3.9 billion deal was reached in Malaysia in August.
Goldman Sachs can also be fined in Singapore. The authorities there are still investigating the matter.
Malaysia founded 1MDB in 2009 as an economic development mutual fund. The country’s former prime minister, Najib Razak, reportedly diverted large sums of money through the fund.