Singapore bans Goldman Sachs banker for life
Singapore through its Monetary Authority of Singapore (MAS) has ordered a lifetime ban against former Goldman Sachs banker Tim Leissner due to his involvement in the scandals over Malaysia’s state fund 1Malaysia Development Berhad (1MDB) on December 19, following his admission to criminal charges brought against him by the US.
Leissner, who used to be a director of Goldman’s Singapore entity, will never again be allowed to perform regulated activity under Singapore’s Securities and Futures Act, to take part in the management of any capital market services firm in the city-state, or act as a director or become a substantial shareholder of a capital markets services firm.
The lifetime order is an extension of the ten-year prohibition order that Singapore issued against Leissner in March 2017.
The latest announcement comes as the US Department of Justice brought charges Leissner in November, which he admitted. Earlier this week, Malaysian prosecutors also charged Leissner.
The US Department of Justice’s charges and Leissner’s guilty plea “have provided further evidence of [his] involvement in funds flows related to 1MDB, which were previously not available to MAS,” the authority explained as the reason for the extension of the prohibition duration in Wednesday’s statement.
Singapore’s lifetime prohibition order is issued only in the most serious cases. According to the MAS, three other individuals have been ordered a lifetime prohibition in relation to the 1MDB scandal.
Singapore through its Monetary Authority of Singapore (MAS) has ordered a lifetime ban against former Goldman Sachs banker Tim Leissner due to his involvement in the scandals over Malaysia's state fund 1Malaysia Development Berhad (1MDB) on December 19, following his admission to criminal charges brought against him by the US. Leissner, who used to be a director of Goldman’s Singapore entity, will never again be allowed to perform regulated activity under Singapore's Securities and Futures Act, to take part in the management of any capital market services firm in the city-state, or act as a director or become a substantial...
Singapore through its Monetary Authority of Singapore (MAS) has ordered a lifetime ban against former Goldman Sachs banker Tim Leissner due to his involvement in the scandals over Malaysia’s state fund 1Malaysia Development Berhad (1MDB) on December 19, following his admission to criminal charges brought against him by the US.
Leissner, who used to be a director of Goldman’s Singapore entity, will never again be allowed to perform regulated activity under Singapore’s Securities and Futures Act, to take part in the management of any capital market services firm in the city-state, or act as a director or become a substantial shareholder of a capital markets services firm.
The lifetime order is an extension of the ten-year prohibition order that Singapore issued against Leissner in March 2017.
The latest announcement comes as the US Department of Justice brought charges Leissner in November, which he admitted. Earlier this week, Malaysian prosecutors also charged Leissner.
The US Department of Justice’s charges and Leissner’s guilty plea “have provided further evidence of [his] involvement in funds flows related to 1MDB, which were previously not available to MAS,” the authority explained as the reason for the extension of the prohibition duration in Wednesday’s statement.
Singapore’s lifetime prohibition order is issued only in the most serious cases. According to the MAS, three other individuals have been ordered a lifetime prohibition in relation to the 1MDB scandal.
