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Published on 22/10/2020 3:07:14 PM | Source: Reuters

Hong Kong fines Goldman unit $350 million over 1MDB

Posted in Top Stories| #World Market #Goldman Sachs #Hong Kong

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HONG KONG  - Hong Kong's markets watchdog has fined Goldman Sachs (Asia) L.L.C. $350 million for its role in Malaysia's 1MDB scandal.

The Securities and Futures Commission said the Goldman Sachs <GS.N> unit had made serious lapses and there were deficiencies in its management controls that contributed to the misappropriation of $2.6 billion from funds raised by 1Malaysia Development Berhad (1MDB) in three bond offerings in 2012 and 2013.

 

(Reporting by Alun John; Editing by Mark Potter)