UK regulators fine Goldman Sachs over Malaysian fraud after €2.4bn enforcement

The 1Malaysia Development Berhad fund was set up in 2009 by former prime minister Najib Razak to promote economic development (Joshua Paul/AP)

UK regulators have joined others around the globe to level heavy penalties at subsidiaries of Goldman Sachs for its role in a fraud scheme which looted billions of dollars from a Malaysian sovereign wealth fund and used the money to fund Hollywood movies, including the Wolf Of Wall Street.

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) fined Goldman Sachs International (GSI) £96.6 million (€106m).