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.
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