Goldman Sachs slashes CEO David Solomon’s pay by $10 million over 1MDB scandal

Solomon’s settlement plan was minimized to $17.5 million for 2020, below the $27.5 million he got in 2019, according to a US Securities and Exchange filing on Tuesday. The $10 million payment follows Goldman accepted pay nearly $3 billion after pleading guilty to charges the bank conspired to break United States anti-bribery laws in a huge scandal with 1MDB.
Goldman Sachs unit pleads guilty in Malaysian bribery case and agrees to pay $2.9 billion

In October, the bank stated that Solomon would deal with a pay cut, in addition to other magnates including its CFO Stephen Scherr and COO John Waldron due to findings from the examination that included the United States Department of Justice and other authorities.

The scandal associates with bond sales that Goldman Sachs (GS) set up and financed for 1MDB, from which the United States Justice Department declares $4.5 billion was taken. The Justice Department implicated Malaysian investor Jho Low, who had ties to the movie “The Wolf of Wall Street,” of masterminding a plot to transport the cash from the fund to previous Malaysian Prime Minister Najib Razak’s checking account.

Scherr’s pay was minimized to $15.5 million from $22.5 million in 2019. Waldron’s pay was slashed to $18.5 million, below $24.5 million in 2019. In overall, the 3 executives’ overall settlement for 2020 was minimized by $24 million in action to the bribery scandal fallout.

” While none of Messrs. Solomon, Waldron or Scherr was associated with or knowledgeable about the company’s involvement in any illegal activity at the time the company set up the 1MDB bond deals, the Board sees the 1MDB matter as an institutional failure, irregular with the high expectations it has for the company,” the filing mentioned.

CNN’s Eoin McSweeney added to this report.

Source link .

Leave a Reply

Your email address will not be published. Required fields are marked *