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Goldman Sachs subsidiary on the hook for $2.9 billion

Goldman Sachs subsidiary on the hook for $2.9 billion

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A subsidiary of Goldman Sachs pleaded guilty on Thursday and agreed to pay more than $2.9 billion in a foreign corruption probe tied to the Malaysian 1MDB sovereign wealth fund, which was looted of billions of dollars in a corruption scandal.

The company, Goldman Sachs Malaysia, entered the plea in federal court in Brooklyn, New York. As part of its plea, the company admitted that it "knowingly and willfully" conspired to violate U.S. anti-bribery laws.

Associates of former Prime Minister Najib Razak allegedly stole billions from a fund that was ostensibly set up to accelerate Malaysia's economic development. — AP

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