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Business Matters: Goldman Sachs to pay $3bn over 1MDB corruption scandal

Goldman Sachs Getty.jpg

23/10/2020 GMT

Goldman Sachs to pay $3bn over 1MDB corruption scandal

BBC World Service - Business Matters, 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.

Also - with the final US presidential debate just an hour away, we talk to the president of the university hosting the event.

And - Walmart - America's world's biggest retailer - has sued the US government in what's widely seen as a pre-emptive strike because it thinks the Department of Justice will come after it for the way it's been selling pharmaceutical products. We hear about the long-standing DOJ investigation of Walmart from Jesse Eisinger from Pro Publica.

Plus - where do your main street brand clothes really come from? We look into how the coronavirus is threatening hundreds of thousands of jobs in the Asia-Pacific garment trade.

With guests Mitchell Hartman in the US and Lien Hoang in Vietnam.

PHOTO: Getty Images

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