KUALA LUMPUR (July 3): The Securities and Futures Commission (SFC) of Hong Kong said today that it has banned Tim Leissner, a former responsible officer of Goldman Sachs (Asia) L.L.C., from re-entering the industry for life, in connection with his crimes relating to 1Malaysia Development Bhd (1MDB).
"The SFC considers that Leissner’s conduct demonstrates a serious lack of honesty and integrity and called into question his fitness and properness to be a licensed person," the SFC said in a statement today.
According to the SFC statement, Leissner had in August 2018 pleaded guilty to criminal charges brought by the US Department of Justice (US DOJ) against him for conspiring to commit money laundering and violate the Foreign Corrupt Practices Act.
The SFC said Leissner admitted, among others, that between 2009 and 2014, he conspired with others to obtain and retain business from 1MDB for Goldman Sachs, through the promise and payment of bribes and kickbacks to government officials in Malaysia and Abu Dhabi, embezzle funds from 1MDB for himself and others, and launder the bribes and kickbacks, as well as other embezzled funds from 1MDB; and knowingly and wilfully circumvent the controls of Goldman Sachs.
"The court in the US adjudicated Leissner as guilty of both offences, and ordered him to forfeit US$43.7 million (about RM181 million) as a result of his crimes," the SFC said.