New York (CNN Business) Former Goldman Sachs CEO Lloyd Blankfein and other senior executives could lose out on millions of dollars in compensation depending on the outcome of an investigation into the bank's role in a multi-billion dollar Malaysian corruption scandal.

Goldman's board of directors approved a provision that allows the board to reduce or claw back stock awards that were set to go to top officials, including Blankfein, who retired last year, and current chief executive David Solomon, according to a public filing issued Friday.

Stock awards make up the majority of Blankfein's and Solomon's pay.

Blankfein and two other retired executives, Mike Evans and Michael Sherwood, were also due to receive payouts from a long-term stock award plan this year, according to a source familiar with the matter. But the board decided not to make any payments until investigations into the scandal provide more information.

Goldman Sachs GS The US Justice Department claimed last year that conspirators misappropriated $4.5 billion from Malaysia's sovereign wealth fund, 1Malaysia Development Berhad, known as 1MDB. Almost half of the moneyraised for the fund was siphoned off to pay for jewelry and fine art, and to fund bribes and kickbacks, according to US officials.

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