Wednesday, May 12

1MDB scandal to cost Goldman Sachs chief 10 million dollars of salary

1MDB scandal to cost Goldman Sachs chief 10 million dollars of salary

(dpa/GNA) – US investment bank Goldman Sachs has docked a large portion of chief executive David Solomon’s annual salary over the corruption scandal involving Malaysian sovereign wealth fund 1MDB.

The top executive will forfeit 10 million dollars of his 2020 pay, according to a mandatory disclosure to the US Securities and Exchange Commission Tuesday night.

The deduction leaves Solomon with an annual salary package of 17.5 million dollars for 2020.Goldman Sachs had already announced that it would claw back millions of dollars from current and former executives who were responsible for involvement in the scandal.

The 1Malaysia Development Berhad (1MDB) fund had been set up in 2009 to promote Malaysia’s economy, but ex-government officials and dubious advisers have been accused of misappropriating most of the funds – allegedly with the help of former Goldman employees.

The bank therefore accepted a 2.9 billion-dollar fine in a settlement in October.