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Violation Tracker Individual Record

Company: Goldman Sachs Group Inc.
Current Parent Company: Goldman Sachs
Penalty: $2,921,088,000
Year: 2020
Date: October 22, 2020
Offense Group: competition-related offenses
Primary Offense: Foreign Corrupt Practices Act
Secondary Offense: kickbacks and bribery
Mega-Scandal: Foreign Bribery
Violation Description: The Goldman Sachs Group Inc. and Goldman Sachs (Malaysia) Sdn. Bhd., its Malaysian subsidiary, admitted to conspiring to violate the Foreign Corrupt Practices Act in connection with a scheme to pay over $1 billion in bribes to Malaysian and Abu Dhabi officials to obtain lucrative business for Goldman Sachs, including its role in underwriting approximately $6.5 billion in three bond deals for 1Malaysia Development Bhd., for which the bank earned hundreds of millions in fees. Goldman Sachs agreed to pay more than $2.9 billion and disgorge $606 million as part of a coordinated resolution with criminal and civil authorities in the United States, the United Kingdom, Singapore, and elsewhere. The U.S. portion, $2.9 billion, is specified in the deferred prosecution agreement posted at (click here)
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
Prosecution Agreement: deferred prosecution agreement
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.