Goldman Sachs (Asia) has been fined $350 million by Hong Kong’s Securities and Futures Commission (SFC) for its role in a multibillion-dollar scandal that involved top Malaysian officials, including its former prime minister.
The fine is the highest ever imposed by the Hong Kong markets’ watchdog. The SFC said on Thursday that the regional unit of the US investment bank was fined due to “serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money-laundering controls that contributed to the misappropriation of $2.6 billion” from three bond offerings in 2012 and 2013 that raised $6.5 billion for 1Malaysia Development Berhad (1MDB).
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