Goldman Sachs has agreed to pay $2.5 billion in cash and guarantee a further $1.4 billion in recovered assets to Malaysia over the long-running 1MBD scandal. The U.S. investment bank was caught up in one of the world’s biggest ever financial scandals, when it organized three bond sales for the 1Malaysia Development Bhd., a state investment fund. In reality, the fund was the center of a massive global fraud linked to illicit purchases of U.S. real estate valued in the billions, $85 million in Las Vegas gambling bills, a $3 million Picasso gifted to Leonardo DiCaprio, and a $260 million yacht.
Read it at The Wall Street Journal
