Goldman Sachs to pay Singapore govt US$122m for firm's role in 1MDB scandal, gets conditional warning for corruption
SINGAPORE, Oct 23 — Goldman Sachs Singapore will pay US$122 million (S$165 million, RM505.5 million) to the Singapore government for its role in bond offerings related to 1Malaysia Development Berhad (1MDB).
The payment is part of a global resolution led by the United States’ Department of Justice, said a joint statement by the Attorney-General’s Chambers, the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) yesterday.Apart from the payment, the CAD has served Goldman Sachs Singapore a 36-month conditional warning in lieu of prosecution for three counts of corruption. The MAS has also ordered the firm to appoint an independent external party to conduct a review of its remedial measures.
The statement said that the CAD investigated Goldman Sachs Singapore and two of its former managing directors, Tim Leissner and Ng Chong Hwa, in relation to three bond offerings underwritten by Goldman Sachs International for the subsidiaries of 1MDB.
- Continue reading -