The China Securities Regulatory Commission agreed with Goldman Sachs under guidelines that allow it to negotiate a settlement rather than to simply issue a fine. The deal relates to how Goldman Sachs's Asia unit worked with Beijing Gao Hua Securities Co., the majority owner of the onshore joint venture, on its trading business. A total of nine parties, including Goldman Sachs and Beijing Gao Hua, will pay 150mil yuan ($22mil) to settle the case, according to the CSRC notice. "We are pleased to have resolved the matter," a spokeswoman who represents Goldman Sachs and Beijing Gao Hua said. Goldman Sachs owns 33% of Beijing-based Goldman Sachs Gao Hua Securities Co., with the remainder held by Beijing Gao Hua.

Source: The Star April 24, 2019 09:03 UTC