By TOM WRIGHT and JAKE MAXWELL WATTS
Wall Street Journal
Dec. 2, 2016
Executive allegedly wrote unauthorized reference letter for Malaysian U.S. authorities say is at the center of fraud at state investment fund
Singapore’s probe into a multibillion-dollar financial scandal touched Goldman Sachs Group Inc. for the first time on Friday as its central bank said it was planning to ban the Wall Street firm’s former top executive in Southeast Asia from operating in the city-state’s financial system for 10 years.
The executive, Tim Leissner, was Goldman’s point man on deals involving Malaysian state investment fund 1Malaysia Development Bhd., or 1MDB. The Monetary Authority of Singapore, the central bank, announced the proposed ban on Mr. Leissner after it found he had written a recommendation letter for a Malaysian financier, Jho Low, in June 2015. In it, Mr. Leissner claimed that Goldman had performed due diligence on Mr. Low.
“These statements were untrue and were made by Mr. Leissner without Goldman Sachs’ knowledge or consent,” the MAS statement said.
Goldman Sachs said in a statement Friday that it had discovered the matter in January 2016 and reported it to Singapore authorities. Mr. Leissner left Goldman in February after Goldman put him on leave. Continue reading “Singapore to Ban Former Goldman Banker in Connection With 1MDB Scandal”