10/20/2020, 4:43 PM (Source: TeleTrader)
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Goldman to plead guilty, pay $2.8B in 1MDB bribery case - report

Goldman Sachs Group Inc. is expected to admit wrongdoing related to Malaysian government investment fund 1MDB, The Wall Street Journal reported on Tuesday citing sources familiar with the matter.

The New York-based investment bank is reportedly ready to plead guilty later this week and will agree to pay $2.8 million to the US government, aiming to put off prosecutions that could harm its business. Goldman seeks to reach a deal with the US Department of Justice to pay a $2.2 billion penalty and approximately $600 million in gains based on the controversial deal with the Malaysian investment fund.

Previously, the US company agreed in July to pay $2.5 billion to the Malaysian government to settle charges in the Asian country as well as an additional $1.4 billion from assets related to 1MDB seized by authorities worldwide.

Breaking the News / GA