Singapore fines Goldman Sachs $165m over 1MDB corruption scandal
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SINGAPORE - Goldman Sachs Singapore will pay US$122 million (S$165 million) to the Singapore Government for its role in the 1Malaysia Development Berhad (1MDB) bond offerings corruption scandal. The penalty is believed to be the largest-ever imposed here, faSingapore fines Goldman Sachs $165m over 1MDB corruption scandal
SINGAPORE - Goldman Sachs Singapore will pay US$122 million (S$165 million) to the Singapore Government for its role in the 1Malaysia Development Berhad (1MDB) bond offerings corruption scandal. The penalty is believed to be the largest-ever imposed here, far exceeding the $13.3 million slapped on BSI Bank, whose Singapore unit was shut down in 2016 for its role in the scandal. The fine is on top of the nearly US$3 billion that parent Goldman Sachs has agreed to pay after its Malaysia unit said it will plead guilty to violating foreign bribery laws, drawing a line under a saga that has dogged the investment banking giant for years. Singapore's 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 Section 5(b)(i) of the Prevention of Corruption Act, Chapter 241. Read more