HK watchdog rebukes Goldman Sachs

The SFC blasted the US investment bank for breaching its takeover code while advising Wing Hang Bank on its $5 billion acquisition by OCBC in 2013/14.

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...

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