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Goldman Sachs Reaches Deal With Government Of Malaysia Relating To 1MDB - Quick Facts

Financial services firm Goldman Sachs Group, Inc. (GS) announced Friday that it has reached an agreement in principle with the Government of Malaysia to resolve all the criminal and regulatory proceedings in Malaysia involving the firm, including pending criminal proceedings against subsidiaries of Goldman Sachs and certain of their current and former directors, relating to 1Malaysia Development Berhad (1MDB).

According to the agreement, Goldman Sachs agreed to pay $2.5 billion to the Government of Malaysia and guaranteed that the Government of Malaysia receives at least $1.4 billion in proceeds from assets related to 1MDB seized by governmental authorities around the world.

In addition, the Government of Malaysia agreed to withdraw the pending criminal charges and agreed that no further charges would be brought against Goldman Sachs, its subsidiaries, or any of their directors, officers and employees (excluding former employees Tim Leissner and Roger Ng) related to 1MDB.

Following this development, Goldman Sachs expects to materially increase its provisions for litigation and regulatory proceedings for the second quarter of 2020.

The agreement in principle does not resolve the other pending governmental and regulatory investigations involving the firm relating to 1MDB.

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