Banking giant Goldman Sachs paying Malaysia £3bn

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Goldman Sachs paying Malaysia £3bn to apologise for its employees’ part in international scandal

By Daily Mail City & Finance Reporter

Published: | Updated:

Goldman Sachs will pay Malaysia £3billion to apologise for its employees’ part in an international scandal. 

Its bankers were accused of helping Jho Low, a Malaysian financier, funnel billions of dollars out of the 1MDB fund, meant for the country’s development. 

Paying up: Goldman’s bankers were accused of helping a Malaysian financier funnel billions of dollars out of the 1MDB fund

The money was used to buy property, fine art and to finance the Martin Scorsese film The Wolf of Wall Street. 

Low, accused of masterminding the fraud, is believed to be in China and denies wrongdoing. 

Goldman will pay £2billion in cash, and another £1billion from the sale of seized assets bought with 1MDB money. 

Malaysia is still pursuing the two Goldman bankers accused of taking part in the fraud.

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