Goldman Sachs Group Inc. announced on Friday it reached a settlement with the Malaysian authorities over the 1MDB scandal.
Under the terms of the agreement, the investment bank will pay $2.5 billion in cash to Malaysia, while also guaranteeing that the government will receive at least $1.4 billion in proceeds from assets related to 1MDB seized by authorities around the world.
In turn, the country's authorities to withdraw the pending criminal charges against Goldman executives and not pursue any new ones in relation to the scandal.
