Hong Kong fines Goldman unit $350 million over 1MDB

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.

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Equities, Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe