Goldman Sachs executive takes “personal leave” amid Malaysian fund corruption probes..Singapore seizes bank accounts
Tim Leissner, chairman of Goldman Sachs Southeast Asia’s operations, has taken a “personal leave” amidst corruption scandals associated with Malaysia’s state-owned 1MDB fund, with which Goldman worked closely.
President of Goldman’s Singapore operations since 2006 and chairman of its Southeast Asia operations since 2014, Leissner oversaw the bank’s operations in Malaysia, where it became the top international bank with a 20.3 percent market share since 2010.
Leissner was seen as a “key player” in cultivating the bank’s very profitable relationships with Kuala’ Lumpur’s banking and government elite, including Malaysian Prime Minister Najib Razak, the Financial Times reports.
Goldman worked on Malaysian mergers and acquisitions worth a total of $18.8 billion over the last five years, but it is the bank’s involvement with the state-owned investment and development company, 1Malaysia Development Berhad (1MDB), that has attracted scrutiny.
A number of investigations into 1MDB’s activities are being carried out in various countries, prompted by claims of corruption involving Razak, who chairs 1MDB.
Switzerland’s chief prosecutor, Attorney General Michael Lauber, said in a statement on Friday that he has asked for Malaysia’s help in investigating possible violations of Swiss law by 1MDB, Reuters reported. The suspected misappropriations reportedly amount to $4 billion and concern “bribery of foreign officials, misconduct in public office, money laundering and criminal mismanagement.”
It was discovered this week that Leissner has moved from Singapore to his Los Angeles home, calling it a “personal leave,”Bloomberg reports.
The authorities in Singapore say they have seized a large number of bank accounts as part of an investigation into possible money-laundering linked to a fund owned by the Malaysian state.
The fund is called 1Malaysia Development Berhad (1MDB).
It was established in 2009 to pay for major new economic and social developments in Malaysia.
Singapore said it would not tolerate being used as a refuge for illicit funds.
In a joint statement by its central bank and the police’s anti-fraud agency it said: “In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals, and have seized a large number of bank accounts.
“Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States.”
Last year, officials in Singapore froze two bank accounts as part of its investigation.
The announcement follows news that around $4bn (£2.8bn), earmarked for investment in economic and social development projects in Malaysia, may have been misappropriated from state-owned companies.
Switzerland’s attorney general said on Friday there were “serious indications that funds have been misappropriated from Malaysian state companies”.
there is a mini typhoon growing in size in malaysia and its dragging all sorts of countries and people into it..and one name resonates..goldman sachs..
“Tim Leissner, chairman of Goldman Sachs Southeast Asia’s operations, has taken a “personal leave” amidst corruption scandals associated with Malaysia’s state-owned 1MDB fund, with which Goldman worked closely.”
the fingerprints seem to go back to these guys all the time..must be coincidence?
“Goldman worked on Malaysian mergers and acquisitions worth a total of $18.8 billion over the last five years”
“A number of investigations into 1MDB’s activities are being carried out in various countries, prompted by claims of corruption involving Razak, who chairs 1MDB.”
1MDB scandal has to see heads fall..but who and how high will it go?..all the way to razak and his job?