Goldman Sachs Executives Will Have To Return Millions In Pay Over Bribery Scandal
Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over a bribery scandal in Malaysia.
Goldman has faced regulatory probes in the United States and Malaysia over allegations that it enabled billions of dollars to be siphoned off from a Malaysian development fund and over bribes paid to government officials. The scandal that ensued led to the resignation of the Asian country's prime minister.
Besides Solomon, the executives who will return part of their bonuses include former CEO Lloyd Blankfein, who presided over the bank when the scandal took place, as well as the former chief operating officer and chief financial officer.
Altogether, the executives will have to forfeit or return about $174 million, the bank said
- Oct 23, 2020-