Goldman Sachs unit pleads guilty to U.S. charges over role in 1MDB scandal

Goldman Sachs Malaysia, a unit of the Wall Street investment banking group, today pleaded guilty to US Department of Justice charges over its role in Malaysia’s 1MDB corruption scandal, as it looks to settle a probe that has dogged the bank for years.

In a court hearing, Goldman Sachs said it would plead guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act in relation to the scandal.

Later today, Goldman will agree to pay more than US$2 billion to settle the charges over its role in the scandal.