Singapore has issued stiff penalties against a former Goldman Sachs banker who was involved in the scandal surrounding Malaysian state fund 1MDB.
The financial market regulator of Singapore, MAS, has banned Tim Leissner from working in finance in the territory for the rest of his life due to his involvement in the corruption scandal with the state fund of Malaysia. Leissner also has been banned from taking a stake in a financial services business in the Southeast Asian city-state, according to a report by «The Straits Times».
The misdemeanors censored by the regulator had been committed during Leissner’s time at the Goldman branch in Singapore and MAS responded to his confession vis-à-vis the U.S. judiciary.
Goldman Sachs Charges
The investment banker had organized questionable bond deals for 1MDB and this was why Malaysia filed criminal charges against Goldman Sachs a few days ago.
Leissner wasn’t the first banker to receive a professional ban in Singapore as a result of the 1MDB scandal. MAS also sanctioned Jens Sturzenegger, the former branch head of Swiss private bank Falcon in Singapore, as well as Yak Yew Chee and Yvonne Seah Yew Foong, advisers of Jho Low, the man considered the mastermind behind the corruption and money laundering affair.
