Goldman Sachs may finally be able to put the 1MDB scandal behind it.
The bank has 10 days to pay the remaining $1.26 billion of a $2.3 billion fine it owes the US government, according to a Bloomberg report.
Goldman was charged with wrongdoing for bribing foreign officials to keep its business relationship with 1Malaysia Development Berhad but arranged a deferred prosecution deal with the Department of Justice last year to give itself more time to pay the massive fine.
The payment is triggered by a U.S. District Judge’s ruling Wednesday that the bank’s Malaysia division is guilty and must pay $500,000.
The Goldman executives responsible for the misdealing, Roger Ng and Tim Leissner, have been barred from working in the securities industry again. The pair brought in an eye-popping $600 million in fees for Goldman during the height of their deal-making with 1MDB.
The Malaysian backed sovereign wealth fund gave kickbacks to Malaysian Prime Minister Najib Razak and became a personal piggybank for the scheme’s mastermind: Jho Low.
For Jho Low, who found the fund investors and roped in the PM, it was all fun and games until the feds showed up.
The playboy financier embezzled