Home Tags Posts tagged with "tim leissner"

tim leissner

Seventeen former and current Goldman Sachs bankers have been charged in Malaysia over the corruption investigation at its state development fund 1MDB.

Attorney General Tommy Thomas said custodial sentences and criminal fines would be sought against those charged.

Goldman Sachs helped raise $6.5 billion through bond offerings for 1MDB.

The bank said it would “vigorously” defend the charges.

Tommy Thomas said in a statement: “Custodial sentences and criminal fines will be sought against the accused.”

According to the statement, this was because of the “severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds, the lengthy period over which the offences were planned and executed, the number of Goldman Sachs subsidiaries, officers and employers involved and the relative value of the fees and commissions paid to Goldman Sachs for their multiple roles played in arranging, structuring, underwriting and selling the three bonds”.

If convicted, those charged could face prison sentences of up to 10 years and fines of at least one million ringgit ($238,000).

In December 2018, Malaysia filed criminal charges against Goldman Sachs and two former employees in connection with the corruption and money-laundering investigation at the fund, which is being investigated in at least six countries.

Among the other individuals named by Malaysia’s attorney general are Michael Sherwood, a former co-head of Goldman’s European operations, and Michael Evans, a former partner who is now president of Chinese e-commerce company Alibaba.

The charges related to what is being seen as one of the world’s biggest financial scandals.

1MDB Scandal: $4 Billion Stolen from Malaysian State-Owned Fund

Malaysia: Former PM Najib Razak Barred from Leaving the Country

US and Malaysian prosecutors have previously said that the money raised by the state fund went to line the pockets of a few powerful individuals and to buy luxury properties, a private jet, Van Gogh and Monet artworks – and to finance a Hollywood blockbuster, The Wolf of Wall Street, starring Leonardo DiCaprio, who has not been accused of any wrongdoing.

These charges have been brought under the under a section of the Malaysian Capital Markets and Services Act that holds certain senior executives responsible for any offences that may have been committed.

In December 2018, Malaysia filed charges against Goldman Sachs and its former bankers, Tim Leissner and Roger Ng.

Tim Leissner was Goldman’s South East Asia chairman, and left the bank in 2016.

Roger Ng was a managing director at Goldman until his departure in May 2014.

At the time, charges were also filed against local financier Low Taek Jho, also known as Jho Low who maintains his innocence, and former 1MDB employee Jasmine Loo Ai Swan.

Tim Leissner has pleaded guilty in the US to conspiring to launder money and violating anti-bribery laws.

The 1MDB state fund was set up by former PM Najib Razak in 2009. He has been accusing of pocketing $681 million from the sovereign wealth fund and pleaded not guilty in April.

Malaysia has filed criminal charges against Goldman Sachs and two former bankers in connection with a corruption and money laundering investigation at the state-owned investment fund 1 Malaysia Development Berhad (1MDB).

Goldman Sachs has been under scrutiny for its role in helping to raise funds for the 1MDB.

The US bank is being investigated in at least six countries.

Goldman Sachs called the charges “misdirected” and said it would “vigorously defend them”.

The bank added: “The firm continues to co-operate with all authorities investigating these matters.”

1MDB Scandal: $4 Billion Stolen from Malaysian State-Owned Fund

Malaysia: Former PM Najib Razak Barred from Leaving the Country

Malaysia filed the charges against Goldman Sachs and its former employees Tim Leissner and Roger Ng.

Tim Leissner served as Goldman’s South East Asia chairman, and left the bank in 2016. Roger Ng was a managing director at Goldman until his departure in May 2014.

Malaysia has also brought charges against former 1MDB employee Jasmine Loo and financier Jho Low.

Malaysia’s attorney general Tommy Thomas said in a statement: “The charges arise from the proceeds of three bonds issued by the subsidiaries of 1MDB, which were arranged and underwritten by Goldman Sachs.”

Last month, Tim Leissner, Roger Ngand and Jho Low were served with criminal charges in the US in relation to 1MDB.

Tim Leissner pleaded guilty in the US to conspiring to launder money and violating anti-bribery laws.

In that case, prosecutors said Tim Leissner and Roger Ng worked with Jho Low to bribe government officials to win 1MDB business for Goldman Sachs.

US authorities said billions of dollars were embezzled from the state fund to buy art, property, a private jet- and even to help finance the Wolf ofWall Street movie starring Leonardo DiCaprio.

The scandal has prompted investigations around the world and played a role in the election defeat earlier this year of Malaysia’s former PM Najib Razak, who is accused of pocketing $700 million from the fund he set up.