The US bank Goldman Sachs has settled with the US justice system over the scandal surrounding the Malaysian state fund 1MDB. The bank has confessed debt and pays a fine of 2.3 billion dollars, which is equivalent to 1.95 billion euros. In addition, the bank must repay approximately 600 million dollars, more than 500 million euros.
The Malaysian government established 1MDB in 2009 as an investment fund for economic development. Since 2015, the fund has been under fire for money laundering and fraud, among other things. Goldman Sachs closed billions of dollars worth of deals for 1MDB. The bank has therefore already concluded a settlement with Malaysia worth $ 3.9 billion, equivalent to 3.3 billion euros.
The Asian branch of the bank has also been fined $ 350 million in Hong Kong. In addition, the authorities in Singapore are currently still examining the case, so the bank could also be fined there.
The settlement means that the bank cannot be prosecuted further in the US. That’s important to Goldman Sachs because it could lose many important customers after a potential prosecution.