News

Financial Services

Staff Reporter

, Singapore

Published:

5 years ago

Goldman Sachs' $165.6m payment not a fine: authorities

It was made in response to a conditional warning by the CAD.

The Attorney-General’s Chambers (AGC), Commercial Affairs Department of the Singapore Police Force (CAD), and the Monetary Authority of Singapore (MAS) have clarified that the $165.6m (US$122m) payment by Goldman Sachs Singapore is not a fine, as incorrectly stated in several media reports.

In a joint statement, the three government bodies said the payment was made in pursuance to a conditional warning by CAD to Goldman Sachs on 22 October.

The $165.6m (US$122m) to be paid will be credited against the $3.93b (US$2.9b) to be paid by the bank and its affiliates under the Deferred Prosecution Agreement (DPA) entered by Goldman Sachs and the US Department of Justice.

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