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NEW YORK: Goldman Sachs failed to persuade former President Gary Cohn to return more than $ 10 million he received in payment, as part of the bank’s effort to seek executive compensation for the 1MDB scandal, Bloomberg News reported Wednesday.
There is little the bank can do if Cohn, the former economic adviser to President Donald Trump, simply refuses or offers a discounted sum, the report said, citing people with knowledge of the matter. [https://bloom.bg/33SR3Az ]
Goldman Sachs declined to comment, while Cohn could not be reached for comment.
The Wall Street investment bank pleaded guilty to violating U.S. foreign bribery rules in October for its role in the 2018 Malaysia 1MDB scandal.
The bank was investigated for its involvement in raising $ 6.5 billion through the sale of three bonds between 2012 and 2013 for the state fund 1Malaysia Development Berhad (1MDB).
Goldman reached a settlement in October to settle the investigation, agreeing to pay total fines of $ 2.9 billion and saying it was recovering $ 174 million in executive compensation.
While Cohn was able to withdraw his Goldman shares and other payments when he joined the Trump administration in 2017, others, including former CEO Lloyd Blankfein, still held shares in the company or remain senior executives.
Blankfein and current CEO David Solomon said leaders must take responsibility and face the consequences of things that happen under their command, speaking at the time Goldman announced the recovery plan. – Reuters
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