Business
CEO David Solomon faces pay cut as Goldman Sachs gets record 1MDB fine – The Australian Financial Review
The bank will pay more than $US2.3 billion in a plea deal, the largest penalty in US history for a violation of the Foreign Corrupt Practices Act.
From about 2009 to 2014, the bank’s Malaysia unit “knowingly and willfully agreed to violate the Foreign Corrupt Practices Act by corruptly promising, and paying bribes to foreign officials in order to obtain and retain business for Goldman Sachs”, the bank’s general counsel, Karen Seymour, told US District Judge Margo Brodie in a video hearing on Thursday.
The deal, which was expected, concludes one of the biggest bank probes inherited by the Trump administration. It holds Goldman Sachs to account…
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