World News – UA – Goldman Sachs fined $ 3 billion over corruption scandal in Malaysia


Wall Street investment bank Goldman Sachs agreed to pay US $ 2 9 billion ($ 4 1 billion) over its role in Malaysia’s 1MDB corruption scandal as US stocks rose despite few signs of progress in stimulus negotiations

Settlement with the US Department of Justice and other US and foreign regulators resolved an investigation into Goldman’s role in helping to steal money from the Malaysian state fund

The bank took out three bond issues in 2012 and 2013 which raised US $ 6 billion for the Malaysian government

The US Department of Justice said the deal was the heaviest sanction ever imposed on a US company for breaking the Corrupt Practices Abroad Act and involved an unprecedented number of regulators across the world

Acting Justice Department Head of Criminal Division Brian Rabbitt said the settlement reflected the bank’s central role « in a broad global plan to loot billions of dollars »

Prosecutors said that between 2009 and 2014, Goldman paid more than US $ 1.6 billion in bribes to foreign officials in Malaysia and Abu Dhabi to win 1MDB cases

The move follows a $ US3 $ 9 billion settlement the bank reached with Malaysia in July to settle all charges against the bank related to the case

The scandal concerns the government of former Malaysian Prime Minister Najib Razak, which created the 1MDB fund in 2009

The Justice Department estimated US $ 4.5 billion was embezzled by fund officials and their associates between 2009 and 2014 to pay for real estate, art and other luxury items

US stocks gained in another volatile trading day on optimism that new coronavirus assistance would be approved by Congress

US House of Representatives Speaker Nancy Pelosi said talks with the Trump administration for another round of financial aid have progressed and legislation could be « worked out » soon. p>

Ms Pelosi and US Treasury Secretary Steven Mnuchin have discussed a $ 2 trillion economic bailout, but Senate Republicans oppose such a big bill

However, uncertainty remained after US President Donald Trump yesterday accused Democrats of not wanting to compromise

And Senate Appropriations Committee Chairman Richard Shelby told reporters he believed negotiations « were going nowhere »

As coronavirus aid runs out, the number of Americans filing new claims for unemployment benefits fell from 55,000 to 787,000 last week, which was better than economists expected

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The figure is still high and the recovery in the labor market has apparently stalled, although new claims are well below the record 69 million claims filed in March

The Dow Jones index rose 05% to 28367, the S&P 500 index added 05% to 3453, and the Nasdaq Composite rose 02 to 11,506

It posted record revenues of US $ 8 billion, boosted by increased vehicle deliveries and sales of environmental regulatory credits to other automakers

Tesla has said it is on track to deliver half a million vehicles by the end of this year

UK Finance Minister Rishi Sunak has announced multibillion pound financial aid for businesses affected by the pandemic

However, the rise in coronavirus cases has worried investors, with Spain becoming the first country in Western Europe to exceed 1 million infections

The FT100 index rose 02% to 5,786, the DAX in Germany fell 01% to 12,543 and the CAC 40 in Paris was little changed, down 3 points to 4,851

The Australian stock market is expected to open flat today with the ASX SPI 200 futures index up 1 point to 6170

The ASX 200 fell 03% yesterday, after heavy drops earlier in the day

This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and BBC World Service which is copyrighted and may not be reproduced

AEST = Australian Eastern Standard Time, which is 10 hours ahead of GMT (Greenwich Mean Time)

Goldman Sachs, 1Malaysia Development Berhad scandal, Finance

Global news – AU – Goldman Sachs fined US $ 3 billion for corruption scandal in Malaysia



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