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PETALING JAYA: The US Federal Reserve has banned former Goldman Sachs bankers, Tim Leissner and Roger Ng, from the financial industry for their role in the 1Malaysia Development Bhd scandal (1MDB).
The investment bank organized three bond sales in 2012 and 2013, enabling 1MDB to increase US $ 6.5 billion (RMB 27 billion) and absorb a commission of US $ 600 million. Bloomberg report says.
Leissner and Ng coordinated bond deals in "a program that illegally embezzled billions of dollars from a Malaysian sovereign wealth fund," according to the Fed.
Last November, Tim Leissner, formerly head of the Goldman Sachs unit in Southeast Asia, pleaded guilty to violating US laws against corruption and money laundering and agreed to pay $ 43.7 million. US dollars in restitution of ill-gotten gains. He faces a lifetime ban on the banking sector.
Ng, who was Leissner's deputy, is to be extradited to the United States to face charges, according to reports released last month.
Goldman Sachs has denied any wrongdoing and claims to have been misled by Leissner and senior Malaysian government officials on the role of a key middleman in the scandal, Low Taek Jho, better known as Jho Low.
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