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Eldorado

Goldman Sachs to pay Indonesia $3.9B

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Eldorado

"The deal includes a $2.5 billion cash payout by Goldman and its guarantee to return at least $1.4 billion in proceeds from assets linked to sovereign wealth fund 1Malaysia Development Bhd (1MDB), the two sides said.

"In return, Malaysia will drop all criminal charges against the bank, which had pleaded not guilty and consistently denied wrongdoing.

"“We are pleased to have reached an agreement in principle with the Government of Malaysia to resolve outstanding charges and claims against Goldman Sachs,” the bank said in a statement.

"“Today’s settlement is an important step towards putting the 1MDB matter behind us.”"

Full report at Reuters: https://uk.reuters.com/article/uk-malaysia-politics-1mdb-goldmansachs/goldman-to-pay-malaysia-3-9-billion-over-1mbd-scandal-u-s-settlement-seen-close-idUKKCN24P148

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The Wistman

Although it sucks GS is able to pay away its transgressions without receiving a finding of guilt for its wrongdoing, for which it then would be fined and forced to pay out equivalent amounts (or greater) to plaintiffs.  As usual, the cost of continually fighting the thing through the courts is the incentive for plaintiffs to settle, even though GS and other investment banks' malfeasance is considerable and criminal.

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