Goldman Sachs reduced the salary of its CEO, David Solomon, for the year 2020 by 10 million dollars, to 17.5 million dollars due to the bank's role in the Malaysian bribery scandal in the case of 1Malaysia Development Berhad (1MDB) As revealed documents yesterday, Tuesday.
According to these financial documents, "the remuneration amounts reflect the decision announced by the Board of Directors." It also includes details of the salary cuts, Director of Operations John Waldron, and Chief Financial Officer Stephen Sher.
He wrote in these documents that although the three officials were "not aware of the company's involvement in any illegal activity at the time the company arranged the 1MDB bond deals, the board of directors considers the 1MDB case an institutional failure."
Goldman Sachs admitted its responsibility last October over its role in the scandal, and agreed to pay about $ 3 billion to stop the US investigations.
Last year, former Malian Prime Minister Najib Abdul Razzaq was sentenced to 12 years in prison on corruption charges linked to the scandal that led to the fall of his government.
Settlement
Last December, Malaysia dropped lawsuits against "Goldman Sachs" in the case of "1 Malaysia Development Berhad" (1MDB) after a settlement reached by mutual consent in July.
Billions of dollars were stolen from the fund that was intended to contribute to the economic development of Malaysia, in fraudulent operations that branched out around the world.
Malaysia accused Goldman Sachs Group of aiding the embezzlement of funds by organizing the issuance of bonds totaling $ 6.5 billion, while the investment bank received $ 600 million in commissions in the process.
The financial group, Goldman Sachs, paid Malaysia in July $ 2.5 billion as part of an amicable agreement, and the bank guaranteed a recovery of at least 1.4 billion of the embezzled fund.