The Monetary Authority of Singapore (MAS) has banned former high-flying Goldman Sachs banker Tim Leissner from trading in the country, effective today.
In a statement today, MAS issued the 10-year prohibition order against Leissner for 1MDB-related breaches.
According to MAS, Leissner had in June 2015 issued an unauthorised letter to a financial institution in Luxembourg and made false statements on behalf of Goldman Sachs (Asia) without the firm’s knowledge.
Effectively, Leissner has been barred from performing any activity regulated by Singapore’s Securities and Futures Act or participating in the management of any market services firm in Singapore.
Leissner was reportedly a key figure in Goldman Sach’s effort in raising US$6.5 billion through the sale of three bonds in 2012 and 2013.
Goldman Sachs reportedly made US$593 million in commissions through that deal.
Leissner (photo) and Prime Minister Najib Abdul Razak, the head of 1MDB’s advisory panel, were photographed together in San Francisco in September 2013 when the premier launched Khazanah Americas Incorporated (KAI).
Meanwhile, MAS has also proposed serving similar prohibition orders against three other bankers with 1MDB links.
MAS is seeking a lifetime trading ban against former Singapore Falcon Private Bank branch manager Jens Sturzenegger and former Singapore BSI Bank employee Yak Yew Chee.
They are also seeking a 15-year ban against Singapore BSI Bank employee Yvonne Seah Yew Foong.
In January, Sturzenegger, a Swiss national, was sentenced to 28 weeks’ jail and ordered to pay a fine of S$128,000 after pleading guilty to multiple charges for failing to report suspicious transactions.
Singapore’s court heard that Sturzeneggar had dealt with Malaysia businessman Jho Low while the latter was using the alias “Eric Tan”.
Late last year, Yak and Seah were given jail sentences and fines after pleading guilty to charges of forgery and failure to report suspicious transactions.
The trio will have an opportunity to explain to MAS in writing on reasons why the prohibition order should not be imposed.
Source : @ Malaysiakini