Hong Kong's securities regulator publicly censured Goldman Sachs on Tuesday for its conduct while advising local bank Wing Hang on its takeover by Singapore’s Oversea-Chinese Banking Corporation.
Goldman Sachs’s investment banking team failed to inform compliance of the start of OCBC's takeover offer for Wing Hang on September 16, 2013. As a result, Goldman Sachs's trades and research during the takeover breached sections of Hong Kong's Code on Takeovers and Mergers.
“Goldman Sachs’s conduct fell far short of the standards expected of a financial advisor,” Hong Kong's Securities and Futures Commission said in a statement.
Goldman Sachs said...