1MDB: Goldman Sachs to pay more than US$2b over US DOJ investigations, says report

KUALA LUMPUR (Oct 20): Goldman Sachs Group Inc has reached an agreement with the US Department of Justice (DOJ) to pay more than US$2 billion (RM8.3 billion) for the bank's role in the 1MDB scandal, according to a Bloomberg News report yesterday.

The agreement lets Goldman Sachs avoid a criminal conviction in the US over the 1MDB mega scandal, said the report based on a source who did not want to be named.

The bank may end up paying “roughly US$5 billion once accords with Malaysia, the Justice Department and other agencies are tallied together”, wrote Bloomberg in its report.

The payment to the US authorities “is broadly in line with the bank’s prior reserves and analysts’ estimates”, added the report.

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