The Goldman Sachs Group and its Malaysian subsidiary on Thursday reached a $2.9 billion global settlement charging each with conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) related to three bond offerings the firm had structured and arranged for Malaysia’s state development fund 1MDB.
1MDB was created by the government of Malaysia to promote economic development in the country through global partnerships and foreign direct investment, and its funds were intended to be used for improving the well-being of the Malaysian people. Instead, billions of dollars were stolen from it. The Department of Justice (DOJ) and many other global regulators have handed down punishments to the businesses and individuals involved in the scandal over the last several years.
