SINGAPORE (Dow Jones) - The US bank Goldman Sachs is also asked to pay in Hong Kong because of the scandal about the Malaysian hedge fund 1MDB. The regulatory authority there has imposed a fine of $350 million on the bank's local subsidiary.
The subsidiary Goldman Sachs (Asia) LLC is guilty of "serious regulatory error" in connection with the misappropriation of $2.6 billion from 1MDB bond sales in 2012 and 2013, the Securities and Futures Commission (SFC) said.
Goldman Sachs Asia had failed to put in place adequate controls to detect employee misconduct and failed to stop the bond sales despite numerous warnings.
The company had received 37 percent of the total proceeds of $567 million from the bond issues - the largest share of several Goldman entities involved in the deal. Goldman announced a statement in due course.
In the US, Goldman Sachs is facing a settlement with the Department of Justice. The bank will pay around $2.8 billion, the Wall Street Journal reported this week. In July, the bank had agreed to pay the Malaysian government at least $2.5 billion in order to conclude a case there.
The scandal surrounding the investment fund 1MBD concerned the theft of billions of dollars from Malaysia's sovereign wealth funds, allegedly by employees of the then Malaysian Prime Minister Najib Razak
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SINGAPORE (Dow Jones) - The US bank Goldman Sachs is also asked to pay in Hong Kong because of the scandal about the Malaysian hedge fund 1MDB. The regulatory authority there has imposed a fine of $350 million on the bank's local subsidiary.
The subsidiary Goldman Sachs (Asia) LLC is guilty of "serious regulatory error" in connection with the misappropriation of $2.6 billion from 1MDB bond sales in 2012 and 2013, the Securities and Futures Commission (SFC) said.
Goldman Sachs Asia had failed to put in place adequate controls to detect employee misconduct and failed to stop the bond sales despite numerous warnings.
The company had received 37 percent of the total proceeds of $567 million from the bond issues - the largest share of several Goldman entities involved in the deal. Goldman announced a statement in due course.
In the US, Goldman Sachs is facing a settlement with the Department of Justice. The bank will pay around $2.8 billion, the Wall Street Journal reported this week. In July, the bank had agreed to pay the Malaysian government at least $2.5 billion in order to conclude a case there.
The scandal surrounding the investment fund 1MBD concerned the theft of billions of dollars from Malaysia's sovereign wealth funds, allegedly by employees of the then Malaysian Prime Minister Najib Razak
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