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Singapore bans former Goldman Sachs director for life over role in 1MDB scandal

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Singapore bans former Goldman Sachs director for life over role in 1MDB scandal

Monetary Authority of Singapore has issued a lifetime prohibition order against former Goldman Sachs Group Inc. director Tim Leissner, after he admitted to two criminal charges brought against him by the U.S. Justice Department over his role in the 1Malaysia Development Bhd. scandal.

Singapore's central bank said in a Dec. 19 statement the latest order was an upgrade from a 10-year ban issued in March 2017, as more evidence of Leissner's involvement in fund flows related to 1MDB became available since then.

The lifetime ban will prohibit Leissner from performing any regulated activity under Singapore's Securities and Futures Act, and from managing any capital markets services firm in Singapore directly or indirectly. He can also never be a director, a substantial shareholder or a capital markets services licensee in the city-state.

The U.S. Justice Department had said Leissner pleaded guilty to two counts regarding charges of conspiring to launder money, paying bribes to various Malaysian and Abu Dhabi officials, and circumventing Goldman Sachs' internal accounting controls.