SEC permanently bars ex-Goldman banker over 1MDB bribery , Latest Business News - The New Paper

SEC permanently bars ex-Goldman banker over 1MDB bribery

This article is more than 12 months old

WASHINGTON : US regulators said on Monday they had permanently barred a former Goldman Sachs executive from the securities industry over bribery in Malaysia's 1Malaysia Development Berhad (1MDB) scandal.

The settlement comes more than a year after Tim Leissner admitted bribery and money laundering conspiracy charges related to the case.

Leissner used third-party intermediaries to bribe high-ranking officials in Malaysia and Abu Dhabi so that Goldman could win lucrative business from 1MDB, a government-owned investment firm, according to the US Securities and Exchange Commission (SEC).

"Leissner abused his leadership role at Goldman Sachs by engaging in a massive bribery scheme targeting the highest levels of two foreign governments to bring in lucrative business to the firm and enrich himself," Mr Charles Cain, head of SEC's foreign bribery unit, said in a statement.

As part of the settlement, Leissner will also surrender US$43.7 million (S$59.2 million) in ill-gotten gains, though this will be offset by payments as part of a forfeiture settlement reached last year with the US Justice Department. - AFP