KUALA LUMPUR: Goldman Sachs Singapore Pte (GSSP) will pay US$122mil to the Singapore Government for its role in the 1Malaysia Development Bhd (1MDB) bond offerings.
In a statement posted on the Attorney-General Chambers' (AGC) Singapore website on Friday, the AGC said it had, together with the Commercial Affairs Department (CAD) and Monetary Authority of Singapore (MAS), had taken action against GSPP.
The AGC said the Goldman Sachs Group Inc (GSG) had entered into a deferred prosecution agreement (DPA) with the Department of Justice (DoJ) of the US.
“The DPA provides for a global resolution, led by the US Department of Justice and discussed with, inter alia, Singapore, of GSG’s role in bond offerings related to 1MDB.
“As part of the DPA, GSG and its affiliates will pay approximately US$2.3bil to the US authorities. GSSP will pay US$122mil to the Singapore Government for its role in the 1MDB bond offerings, ” it said.
CAD also served GSSP a 36-month conditional warning in lieu of prosecution for three counts of corruption offences punishable under Section 5(b)(i) of the Prevention of Corruption Act, Chapter 241 (PCA).
MAS had also has issued GSSP a direction under Section 101 of the Securities and Futures Act, Chapter 289 to appoint an independent external party to conduct a review of its remedial measures.
Click here to read more: AGC, CAD and MAS take action against Goldman Sachs (Singapore) Pte. on 1MDB bond offerings
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