Goldman Sachs reached a $3.9 billion settlement with Malaysia, ending a longstanding dispute about deals the bank ran for a state investment fund.
Goldman Sachs will pay $2.5 billion in cash, and fully recover at least $1.4 billion in assets to resolve three bond transactions the bank oversaw for the 1Malaysia Development Bhd., 1MDB for short.
“We are pleased to have reached an agreement with the government of Malaysia to resolve outstanding charges and claims against Goldman Sachs. Today’s settlement is an important step towards putting the 1MDB matter behind us and will help enable the Malaysian government to move forward with additional recovery efforts and to execute on its economic priorities,” said the investment bank in a statement.
Original Source: By Sophie Mann Just The News