Singapore Bans Ex-Goldman Banker, Seeks Bar on Others

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Singapore has banned former Goldman Sachs banker Tim Leissner from the securities industry for 10 years in connection with the 1Malaysia Development Bhd (1MDB) corruption scandal.

The Monetary Authority of Singapore (MAS) said in a statement that Leissner was barred because he allegedly issued an “unauthorized letter to a financial institution and made false statements on behalf of the U.S. bank without its knowledge.”

Allegations surrounding 1MDB arose in 2015 when the Wall Street Journal claimed it was used to siphon state funds into accounts controlled by Prime Minister Najib Razak and people associated with him. Authorities have charged former bankers for BSISingapore and Falcon Bank for their alleged roles in the fraud, for whom the MAS is seeking lifetime bans.

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