Hong Kong fines Goldman Sachs Asia US$350m over 1MDB


HONG KONG: Hong Kong's markets watchdog on Thursday fined Goldman Sachs's Asian business $350 million for its role in Malaysia's 1MDB scandal, the largest single fine ever levied by the regulator in the Asian financial hub.

The Securities and Futures Commission (SFC) said serious lapses and deficiencies in management controls at Goldman Sachs (Asia) L.L.C. had contributed to the misappropriation of $2.6 billion from funds raised by 1Malaysia Development Berhad (1MDB) in three bond offerings in 2012 and 2013.

Get 20% OFF The Star Digital Access

Monthly Plan

RM 13.90/month

RM 11.12/month

Billed as RM 11.12 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.33/month

RM 9.87/month

Billed as RM 118.40 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

MNRB Holdings establishes RM500mil commercial paper programme
Singapore's 2026 economic growth forecast raised to 5% - MAS survey
MIDA to hold East Coast region investment seminar 2026 on Sept 8
Bursa Malaysia extends gains at midday ahead of Bank Negara rate decision
PHB expands AHB fund with 400mil new units
OGX unit appointed distributor of Axtraction AI's enterprise AI solutions
Zetrix AI to increase stake in MYEG Philippines
Bursa Malaysia struggles to rebound amid mounting Middle East hostilities
Ringgit opens lower vs greenback amid higher oil prices, Fed rate hike bets
Trading ideas: IHH, Exsim, Alam Maritim, DXN, VSTECS, Kee Ming, Bintai Kinden, Aemulus, Seni Jaya, Ta Win, MHC, Northern Solar

Others Also Read