Goldman Sachs has agreed to pay nearly $4 billion to Malaysia, state media reported on Friday.

The American multinational investment bank and financial services company has settled its outstanding charges and claims related to 1 Malaysia Development Berhad (1MDB) that amount to $3.9 billion, Bernama News reported.

“I welcome the announcement on the settlement worth RM16.6 billion [$3.9 billion] reached between the Malaysian government and Goldman Sachs over the government’s claims related to wrongdoing and misappropriation in the 1MDB case,” said Malaysian Prime Minister Tan Sri Muhyiddin Yassin.

The settlements are related to Goldman Sachs’ three bond transactions arranged for 1MDB.

With the latest settlement, the total assets recovery of 1MDB reaches $4.5 billion including the funds returned by the US Department of Justice last year.

Malaysian government is said to have agreed to “drop all criminal and regulatory proceedings” in Malaysia involving the firm, CNN reported.

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