Tim Leissner, the former dealmaker for Goldman Sachs in south-east Asia embroiled in the multibillion-dollar scandal at 1MDB, has been banned from Singapore’s securities industry for life, in the latest international action over the scandal at the Malaysian state investment fund.
Mr Leissner, who has already pleaded guilty in the US to crimes in connection to 1MDB, was in 2017 banned for 10 years by the Monetary Authority of Singapore. That penalty was increased by the authority on Wednesday.
“The US DoJ’s charges and Mr Leissner’s guilty plea have provided further evidence of Mr Leissner’s involvement in funds flows related to 1MDB, which were previously not available to MAS,” the authority said.
MAS added that the scope of the prohibition order against the former Goldman Sachs employee had also been broadened to stop him becoming a substantial shareholder or a capital markets services licensee.
The move came two days after Malaysian prosecutors said they had filed criminal charges against Goldman Sachs, Mr Leissner and another former Goldman Sachs employee, Roger Ng Chong Hwa, for their role in the alleged embezzlement of billions of dollars from 1MDB.
The bank said it disputed the allegations and would defend itself.