Comment on Goldman Sachs faces record $350 million fine from Hong Kong over 1MDB scandal

Goldman Sachs faces record $350 million fine from Hong Kong over 1MDB scandal

AP Photo/Richard Drew, File Hong Kong's financial regulator slapped Goldman Sachs with a $350 million fine on Thursday for its involvement in the 1MDB scandal.The bank's "serious lapses" and deficiencies in management contributed to the misappropriation of $2.6 billion from the 1Malaysia Development Berhad fund, the Securities and Futures Commission said in a statement.The fine is the largest ever imposed by the SFC, and marks the latest in a string of hefty settlement charges for the bank.Goldman agreed to pay Malaysia $3.9 billion in July to settle investigations, and is expected to settle with the US Justice Department soon for more than $2 billion.Visit the Business Insider homepage for more stories.Hong Kong's markets regulator fined Goldman Sachs $350 million on Thursday for the bank's role in the 1MDB scandal.Goldman's "serious lapses and deficiencies in its management supervisory, risk, compliance, and anti-money laundering controls" contributed to the misappropriation of $2.6 billion from the 1Malaysia Development Berhad fund, the Securities and Futures Commission said in a statement.

 

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