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FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal

October 23, 2020


The FCA and PRA fines are part of a globally coordinated resolution reached with Goldman Sachs Group (GSG) and its subsidiaries.

GSI is an indirect wholly owned subsidiary of the GSG. GSI acts as a material booking entity for bond transactions underwritten and purchased by Goldman Sachs outside the USA.

1MDB is a Malaysian state-owned development company that has been at the centre of billion-dollar embezzlement allegations.

GSI underwrote, purchased and arranged three bond transactions for 1MDB in 2012 and 2013 that raised a total of £4.9 billion for 1MDB. The 1MDB transactions were approved by global GSG committees that GSI participated in, and were booked to GSI.

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