Goldman Sachs has reached a deal to pay the US Justice Department more than $2 billion for their part in a multi-billion dollar scheme in Malaysia, a report said Monday.
The investment banking giant will keep away from a criminal conviction in the deal, which will close years of examinations concerning the organization’s interest in the 1MDB investment fund, Bloomberg reported.
On the whole, Goldman Sachs will have paid some $5 billion in fines in the wake of taking care of any outstanding issues with the Justice Department, Malaysia and different agencies for their part in the scheme, as per the report.
The investigations into the company stemmed from billions of dollars it raised for 1Malaysia Development Bhd. in Malaysia in 2012 and 2013. Large sums of the cash was allegedly stolen from the fund by cronies of the country’s former prime minister, Najib Razak.
Razak was convicted of corruption charges and sentenced to jail in July. The former head of state will spend more than a decade in prison and will be forced to pay $49 million for money laundering, abuse of position and criminal breach of trust.
