Thursday, March 4, 2021

US$10 million pay cut for Goldman Sachs CEO over 1MDB scandal

While David Solomon was unaware of the firm's participation in any illicit activity at the time, the 1MDB matter is seen as an insitutional failure, says board.

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Goldman Sachs cut its CEO David Solomon’s 2020 salary by US$10 million to US$17.5 million because of the bank’s role in the 1MDB bribery scandal, according to documents filed Tuesday.

“The amounts of remuneration reflect the decision announced by the board of directors,” said a securities filing that also detailed pay cuts for COO John Waldron and CFO Stephen Scherr.

Although the three were not “aware of the firm’s participation in any illicit activity at the time the firm arranged the 1MDB bond transactions, the board views the 1MDB matter as an institutional failure”, it said.

Goldman Sachs pleaded guilty in October over its role in the scandal, and agreed to pay nearly US$3 billion to close US investigations.

Former prime minister Najib Razak was sentenced last year to 12 years in jail on corruption charges linked to the scandal that led to the downfall of his government.

His stepson Riza Aziz allegedly received huge sums from 1MDB, including to bankroll his Hollywood production company, which made “The Wolf of Wall Street”, starring Leonardo DiCaprio.

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