Goldman Sachs pays $3.9bn to settle 1MDB corruption scandal

THE GUARDIAN

Goldman Sachs has reached a $3.9bn (£3.1bn) settlement with the Malaysian government over the 1MDB corruption scandal.

The deal struck by the Wall Street bank, which allegedly failed to act while $4.5bn was looted from its client, Malaysia’s sovereign wealth fund 1MDB, involves a cash payment of $2.5bn and a guarantee to recover $1.4bn in assets invested with the fraudulently diverted money. Goldman Sachs underwrote and arranged bond sales for the wealth fund totalling $6bn. read more »
 

Sixth Pharmaceutical Company Charged In Ongoing Criminal Antitrust Investigation

DOJ

Taro Pharmaceuticals U.S.A., Inc. (Taro U.S.A.) has been charged for conspiring to fix prices, allocate customers, and rig bids for generic drugs, the Department of Justice announced today.

A two-count felony charge was filed today in the U.S. District Court for the Eastern District of Pennsylvania in Philadelphia, charging Taro U.S.A. with participating in two criminal antitrust conspiracies, each with a competing manufacturer of generic drugs and various executives. read more »    

$49 Million Settlement With Biotech Testing Company For Fraudulent Billing And Kickback Practices

DOJ

Under the settlement approved today by U.S. District Judge Loretta A. Preska, PROGENITY will pay $19,449,316 to the United States to resolve the kickback claims and the Medicaid and VA fraudulent billing claims, and also makes extensive admissions regarding the company’s conduct. read more »

Former Unaoil Manager Sentenced to Five Years Over Iraq Bribery

REUTERS

A former manager of Monaco-based consultancy Unaoil was on Thursday sentenced to 5 years in jail for paying more than $500,000 in bribes to an Iraqi official to secure a $55 million oil deal after the fall of Saddam Hussein in 2003. 

British-Lebanese Ziad Akle, a 45-year-old former Iraq territory manager, was found guilty by a London jury of conspiring to commit bribery after a four-year, high-profile investigation by the UK Serious Fraud Office. read more »