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Goldman Sachs to pay $3bn over 1MDB corruption scandal
The bank's Malaysian subsidiary also admitted that it had paid more than $1bn in bribes
US officials said the record settlement reflected Goldman's "central" role in a "massive corruption scheme". Goldman admitted it had fallen "short", calling it an "institutional failure". In all, the investment bank is due to pay about $5bn in penalties - about two thirds of its 2019 profits - to regulators around the world, to resolve cases that have severely tarnished the firm's reputation.
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