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The Attorney-General’s Chambers (“AGC”) has filed a disciplinary complaint to the Law Society of Singapore (“Law Society”) against Mr Ravi s/o Madasamy (“Mr Ravi”) of Carson Law Chambers.
Singapore, 23 October 2020. The Attorney-General’s Chambers, Singapore (AGC), Commercial Affairs Department, Singapore Police Force (CAD) and Monetary Authority of Singapore (MAS) pointed out today that the US$122 million to be paid by Goldman Sachs Singapore Pte (GSSP) to the Singapore Government has been incorrectly reported by several media as a ‘fine’ and as being on top of the US$2.9 billion to be paid by the Goldman Sachs Group Inc (GSG) and its affiliates pursuant to the Deferred Prosecution Agreement (DPA) entered into between GSG and the US Department of Justice.
Singapore, 23 October 2020. The Goldman Sachs Group Inc (“GSG”) has entered into a Deferred Prosecution Agreement (“DPA”) with the Department of Justice of the United States of America. The DPA provides for a global resolution, led by the US Department of Justice and discussed with, inter alia, Singapore, of GSG’s role in bond offerings related to 1Malaysia Development Berhad (“1MDB”). As part of the DPA, GSG and its affiliates will pay approximately US$2.3 billion to the US authorities. Goldman Sachs Singapore Pte (“GSSP”) will pay US$122 million to the Singapore Government for its role in the 1MDB bond offerings.