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Goldman Sachs hit with record fines in the US over its role in 1MDB scandal
30 Oct 2020 12:00 am
As corruption and embezzlement scandals go, the 1MDB affair was breathtaking in both its scale and its audacity. In 2015, then Malaysian prime minister Najib Razak was accused of channeling into personal bank accounts funds from 1Malaysia Development Berhard, a government-run strategic development company. A total of 4.5 billion US dollars went missing, with most of it still unaccounted for. The role played in moving the stolen funds out of the country by commercial bank Goldman Sachs has prompted the US investigation that culminated in a record fine, earmarked for enforcers in the US, the UK and Singapore. The $2.9 billion penalty has highlighted how the bank’s safeguards failed to stop the suspicious transfers and how enforcers around the world can work together to clamp down on lax oversight.
26 Oct 2020 10:08 pm by Richard VanderfordGoldman Sach's milestone Foreign Corrupt Practices Act settlement with US agencies cements what has become a new reality in anticorruption enforcement: the multibillion-dollar mega settlement.
23 Oct 2020 3:49 pm by Martin CoyleThe British slice of Goldman Sachs’ hefty global 1MDB settlement represented a modest 5 percent of the $2.3 billion total.
23 Oct 2020 9:00 am by Ben LucasHong Kong’s securities regulator was keen to emphasize today that its $350 million fine against Goldman Sachs — the largest fine in the city’s history.