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DOJ Investigates ‘Mystery’ Goldman Executive Involved In $4.5 Billion 1MDB Fraud

Posted By: xenoverse
Date: Monday, 5-November-2018 09:52:07


DOJ Investigates ‘Mystery’ Goldman Executive Involved In $4.5 Billion 1MDB Fraud
https://www.zerohedge.com/news/2018-11-04/doj-investigates-mystery-goldman-executive-involved-45-billion-1mdb-fraud

Last week, the DOJ filed the first round of criminal charges related to the massive international fraud that was the 1MDB scandal. US prosecutors allege that more than $4.5 billion was embezzled from the sovereign wealth fund, which was set up by the government of disgraced former Prime Minister Najib Razak, eventually leading the ransacked government fund to a default on nearly $2 billion of local currency bonds, briefly denting the value of the Malaysian ringgit. Holders of those bonds are still working on a restructuring deal with the fund. Meanwhile, former Goldman Sachs Southeast Asia Chief Tim Leissner has pleaded guilty to fraud charges and is expected to cooperate with authorities against other more-senior officials at the bank. One of his fellow bankers, Roger Ng, was arrested by Malaysian police and is expected to be extradited to the US.

There's little doubt that the scandal, which Goldman has, in typical Goldman fashion, tried to pin on a "few rogue employees," will lead to massive fines and possibly other penalties. The bank admitted as much in a regulatory filing on Friday, even suggesting that "other sanctions" - code for a guilty plea for the bank or even more severe penalties levied by the Treasury - could be forthcoming, per Reuters.

Leissner has already admitted that he accepted more than $200 million in stolen funds in an illegal kickback tied to the deal, as well as bribery charges related to his pursuit of the 1MDB deals. And as more details trickle out, the blithe disregard for US securities laws - and even the bank's own compliance department - attributed to Leissner and his team is looking even more galling.

[...]

Leissner could be a crucial guide for global investigations into how a majority of the $6.5 billion raised by Goldman Sachs, ostensibly to promote development in Malaysia, was allegedly diverted in one of the largest plunderings of public funds in history.

DOJ Investigates ‘Mystery’ Goldman Executive Involved In $4.5 Billion 1MDB Fraud


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