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8/7/2020, 1:38 PM (Source: TeleTrader)
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Goldman revises Q2 earnings downward over 1MDB settlement

Goldman Sachs said in a filing on Friday it revised its net interest income for the second quarter downward from $2.25 billion to $197 million due to the settlement it reached over its involvement in the 1Malaysia Development Berhad (1MDB) investment fund scandal.

Several days after releasing its results, the lender agreed to pay $2.5 billion in cash to Malaysia and guaranteed the country's government will receive at least $1.4 billion in proceeds from assets related to 1MDB seized by authorities around the world.

Goldman also noted it set aside an additional $2 billion for legal provision in the three-month period, which could potentially go towards a settlement of the 1MDB case in the United States.

Breaking the News / NP