Goldman Sachs has agreed to a $3.9 billion settlement with the Malaysian government over the 1MDB scandal. According to Reuters, the deal includes a $2.5 billion cash payout by the investment bank and a guarantee to return at least $1.4 billion in assets connected to 1MDB bonds.
Prosecutors in Malaysia filed charges in December 2018 accusing Goldman Sachs of misleading investors when it issued two rounds of bonds in 2012 and 2013 raising a total of $6.5 billion for 1MBD, a Malaysian sovereign investment fund now mired in scandal.
Rather than be used to invest in Malaysia, however, much of this money was allegedly siphoned into offshores accounts. According to the U.S.
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