Global financial titan Goldman Sachs was fined US$350 million by Hong Kong’s securities watchdog on Thursday for its role in the massiveGoldman Sachs Asia — the Hong Kong-based compliance and control hub of the company — showed “serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money laundering controls”, Hong Kong’s Securities and Futures Commission said.
Goldman Sachs Asia received US$210 million — or 37 percent of the total revenue — from the 1MDB bond offerings, which was the largest share among the various Goldman Sachs entities. The deal would end the criminal probe into the corruption case involving the Malaysian government’s investment fund, the newspaper reported, citing people familiar with the matter.
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