Kuala Lumpur, Jul 24 (AP) Goldman Sachs has reached a USD 3.9B settlement with Malaysia over the 1MDB sovereign wealth fund that was used to launder money.

Malaysian and US prosecutors had alleged that bond sales organised by Goldman Sachs for 1MDB provided one of the means for associates of former Malaysian leader Najib Razak to steal billions over several years from a fund that was ostensibly set up to accelerate Malaysia's economic development.

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Najib was arrested as part of the scandal. Two former Goldman Sachs bankers have been charged for their role in helping 1MDB launder money.

Goldman on Friday said it had agreed to pay the government of Malaysia USD 2.5 billion and to guarantee that it gets at least USD 1.4 billion in proceeds from assets that have since been seized around the globe. (AP)

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)