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Goldman Sachs fined over US$2.9bn for involvement in foreign bribery scheme

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Published on: 23 October 2020

Published by LNB News

LNB News 23/10/2020

Document Information

Issue Date: 23 October 2020

Published Date: 23 October 2020

Jurisdiction(s): United Kingdom

Article summary

The US Department of Justice (DOJ) has announced that Goldman Sachs Group Inc. and its subsidiary, Goldman Sachs (Malaysia) Sdn. Bhd. (GS Malaysia) have pleaded guilty to conspiring to violate the Foreign Corrupt Practices Act 1977 (FCPA 1977). The guilty plea is in connection with a scheme involving over US$1m in bribery payments to Malaysian and Abu Dhabi officials in order to ‘obtain lucrative business’ relating to 1Malaysia Development Bhd (1MDB) which earned the bank approximately US$606m in fees and revenue. Goldman Sachs has agreed to pay a criminal penalty of over US$2.9bn as part of its resolution with the US, UK, Singapore and elsewhere. Jamas Hodivala QC, of Matrix Chambers, comments on key aspects of the case.

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