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Goldman may admit guilt in 1MDB probe

Credit: Reuters Studio
Published on December 19, 2019 - Duration: 01:08s

Goldman may admit guilt in 1MDB probe

Goldman Sachs is in talks with the U.S. government to pay up to $2 billion and admit guilt to resolve a probe into its role in a sweeping Malaysia corruption scandal, according to a source.

Fred Katayama reports.

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Goldman may admit guilt in 1MDB probe

A source has told Reuters Goldman Sachs is in talks with the U.S. Justice Department to plead guilty to settle a criminal investigation into its role in the sweeping Malaysian 1MDB corruption scandal.

The Wall Street Journal reported Thursday that the settlement could include a $2 billion fine, and that Goldman may agree to install an independent compliance monitor as part of the deal.

Sources told the Journal the two sides have discussed a deal whereby a Goldman subsidiary in Asia would plead guilty to violating U.S. bribery laws.

The investigation revolves around the Malaysian government's 1MDB fund, for which prosecutors say Goldman raised $6.5 billion.

U.S. authorities say two Goldman bankers and a Malaysian government adviser stole much of that money, using it to buy luxury assets like a yacht and real estate, and to finance Hollywood films like "The Wolf of Wall Street." The Journal says a settlement with the Justice Department would not resolve Malaysia's probe which seeks $7.5 billion from Goldman.

A Goldman spokeswoman told the Journal that resolution discussions are continuing.

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