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On October 22, 2020, the Goldman Sachs Group, Inc. (Goldman Sachs or the Company), a global financial institution headquartered in New York, New York, and Gold Sachs (Malaysia) Sdn. Bhd. (GS Malaysia), its Malaysian subsidiary, settled criminal charges. The settlement required them to admit to conspiring to violate the Foreign Corrupt Practices Act (FCPA)in connection with a scheme to pay one billion dollars in bribes to high-ranking government officials in Malaysia and Abu Dhabi to obtain valuable business for Goldman Sachs, underwriting approximately $6.5 billion in three bond deals for 1Malasyia Development Bhd. (1MDB). Goldman Sachs earned hundreds of millions in fees on the deals. Goldman Sachs will pay more than $2.9 billion as part of a coordinated resolution with criminal and civil authorities in the United States, United Kingdom, Singapore, and elsewhere.[1]
[1] U.S. Department of Justice, Goldman Sachs Resolves Foreign Bribery Case and Agrees to Pay Over $2.9 Billion, Press Rel. 20-1143, Oct. 22, 2020.