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SubwayThe US authorities have fined the Goldman Sachs Group for the misconduct of investment firm 1 Malaysia Development (1MDB), affiliated with the Malaysian government, and agreed to pay. For the first time, he pleads guilty to the role played by the bank in the diversion of funds from 1MDB.
According to US federal prosecutor Alixandra Smith, Goldman pays more than $ 2.3 billion to US authorities, the highest penalty for violations of the US Foreign Anti-Corruption Act (FCPA). The bank pays more than $ 5 billion worldwide in this regard.
The bank’s Malaysian subsidiary pleaded guilty to its involvement in a scheme that allowed large amounts of money to be diverted through 1MDB.
Goldman will cut compensation for top executives, including CEO David Solomon, and demand a partial refund of compensation paid to former CEO Lloyd Blankfine, according to people familiar with the matter. The company said in a statement that pay cuts and reimbursement requests have reached more than a dozen current and former management teams, totaling $ 174 million.
Goldman herself has avoided the possibility of conviction by agreeing to a court settlement called a deferral agreement, according to court records in Brooklyn, New York. If found guilty, it would be a good outcome for Goldman as it risked losing some institutional investors who were barred from doing business with a finance company with a previous department.
Furthermore, UK financial regulators have imposed a £ 96.6 million fine for the bank’s deficiencies in risk management related to 1MDB.
Original title:Goldman Gets a Record 1MDB Fine; Solomon faces pay cut (2) （抜 粋） 、 Goldman will receive $ 174 million in payment from Solomon, others in 1MDB （抜 粋） 、 UK Regulators Fine Goldman Sachs GBP96.6m in 1MDB （抜 粋）
