USA

Goldman Sachs to pay DOJ $2 billion for Malaysian corruption scheme

Goldman Sachs has reached a deal to pay the US Justice Department more than $2 billion for their role in a multi-billion dollar scheme in Malaysia, a report said Monday.

The investment banking giant will avoid a criminal conviction in the deal, which will close years of investigations into the company’s investment in the 1MDB investment fund, Bloomberg reported.

All told, Goldman Sachs will have paid some $5 billion in fines after settling up with the Justice Department, Malaysia and other agencies for their role in the scheme, according to 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.

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