Goldman Sachs to Pay $2.8 Billion, Admit Wrongdoing to Settle 1MDB Charges

By Dave Michaels, Liz Hoffman and Bradley Hope

Goldman Sachs Group Inc. will pay the U.S. government about $2.8 billion and admit wrongdoing in a Malaysian bribery scandal, settling charges stemming from its work with a corrupt government investment fund.

A Goldman subsidiary in Asia tied to the misconduct is expected to plead guilty this week, according to people familiar with the matter. The parent company will accept an agreement that requires it to admit fault but defers prosecution on the charges, the people said, avoiding a guilty plea that could have crippled its ability to do business.

More to follow

Write to Dave Michaels at dave.michaels@wsj.com, Liz Hoffman at liz.hoffman@wsj.com and Bradley Hope at bradley.hope@wsj.com

(END) Dow Jones Newswires

October 20, 2020 10:24 ET (14:24 GMT)

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