Singapore hits Goldman Sachs with US$122m payment, warning over 1MDB scandal

Company will also pay US$61 million to Malaysian authorities

Published Fri, Oct 23, 2020 · 09:50 PM

Singapore

GOLDMAN Sachs Singapore has been charged by the Singapore authorities to pay US$122 million over its involvement in the 1MDB scandal.

This is part of more than US$2.9 billion to be paid as part of a coordinated resolution with criminal and civil authorities in jurisdictions including the US and Singapore, said the US Department of Justice (DOJ).

The Commercial Affairs Department (CAD) has also served Goldman Sachs Singapore with a 36-month conditional warning, in lieu of prosecution, for three counts of corruption offences punishable under the Prevention of Corruption Act.

The Monetary Authority of Singapore (MAS) directed the Singapore unit of Goldman Sachs to appoint an independent external party to conduct a review of its remedial measures, said a joint…