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Hong Kong  —  Hong Kong's markets watchdog on Thursday fined Goldman Sachs's Asian business $350m for its role in Malaysia's multibillion-dollar 1MDB scandal, the largest single fine ever levied by the regulator in the Asian financial hub.

The Securities and Futures Commission (SFC) said serious lapses and deficiencies in management controls at Goldman Sachs had contributed to the misappropriation of $2.6bn raised by the Malaysian sovereign wealth fund...

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