1mdb: how did leissner and other execs bypass goldman’s compliance rules? - diamond necklace set

by:JINGLIXIN     2019-08-17
1mdb: how did leissner and other execs bypass goldman’s compliance rules?  -  diamond necklace set
NEW YORK (Bloomberg): A high-
For the first time, prominent corruption investigators across continents have launched a direct attack on Goldman Sachs.
At least three senior Goldman Sachs bankers were named by the US Department of Justice (DOJ)
In a multi-year criminal enterprise that includes bribing Malaysian and other local officials and money laundering hundreds of millions of dollars.
Now that federal prosecutors have filed criminal charges against two of the bankers, the question is burning inside Wall Street banks: Is there anyone else next?
Andrea Vella, one of the company's most senior bankers in Asia, was immediately suspended before reviewing the allegations.
He was not charged with misconduct but was consistent with the description of an unidentified colleague
The conspirators in the alleged documents released by the Justice Department on Thursday (Nov 1).
The confession of Tim leenser, a former head of Asia at Goldman Sachs, could weaken Goldman's view of what happened. In behind-the-
According to two people familiar with the matter, the company held on-site talks with the authorities, showing the information that attributed most of the responsibility to Leaguer.
In acknowledging the conspiracy to launder money laundering and the violation of the Foreign Corrupt Practices Act through bribery, LeBauer agreed to a version of the incident that had potential damage to some of his former colleagues and even his old shop.
"The company continues to work with all authorities investigating the matter," a Goldman Sachs Group spokesman said in an email statement . ".
Goldman Sachs Asia investment led by Vella
Until two weeks ago, David Solomon, the new chief executive, dismissed his management duties.
Even so, Vella is still a senior banker at the company, and its mission is to cultivate bigger customers.
Goldman declined to comment on his behalf and did not immediately respond to the call to Vella.
Prosecutors involved in employees claimed that some of the company's employees, in addition to Leaguer, knew about the bribery program, but when Goldman got a lucrative task at the center, they tried to comply with Goldman Sachs and the case.
The company will eventually help raise more than $6 (RM25bil)
On behalf of Malaysia to develop Berhad (1MDB)
The fund was allegedly looted in an astonishing way at the time.
More specifically, the prosecutor said that the bank's "employees and agents" were aware that the deal involved the controversial financier, Low Taek Jho, he was suspected of plotting billions of dollars in unstamped documents on Thursday.
Employees are also allegedly aware of a commitment to government officials in Malaysia and Abu Dhabi to bribe and kickbacks to ensure that Goldman gets 1 mb of business.
But prosecutors wrote in court documents that employees are trying to cheat Goldman's internal compliance system in both ways.
The Justice Department has yet to disclose the identity of the other employees it describes.
Goldman Sachs has said for years that it has raised money for 1MDB, but it is not aware that it will be transferred from development projects.
Cash flows into yachts, luxury real estate, paintings and jewelry, as well as private bank accounts, authorities said.
Roger Ng, the former deputy who maintains innocencelebauer, was arrested in Malaysia and will appear in court in Malaysia on Friday (Nov 2)
According to a person familiar with the matter.
Low, also known as Jho Low, was charged in absentia.
He was accused of conspiring with Ng to corrupt billions of dollars from 1MDB.
Low thinks he's innocent.
He "just asked the public to remain open to the case until all the evidence was exposed and he thought it would prove him correct, according to a statement made by a spokesman for his legal team.
It says Low does not have a formal position at 1MDB, and that the bond issuance detailed in the indictment is experienced
Regulatory financial institutions and government entities.
While Leaguer and Ng were the subject of previous news reports, the unreleased allegations pushed Vella into a disgraceful spotlight.
Unidentified colleagues
The conspirators matching his description allegedly worked with Leaguer and Ng to circumvent the company's corrupt control over three 1MDB bond transactions.
Prosecutors say the conspirator traveled to Abu Dhabi with Jho Low and leaguer to finalize the deal.
People familiar with the matter said the bank has been telling U. S. prosecutors that it was cheated by Leaguer in a deal with 1MDB.
This effort portrayed leaguer as someone who repeatedly lied to the company and concealed business investment, but also included more sales details, for example, he did not disclose his romantic relationship with women who could help him win the business.
The pink diamond businessman admitted in a request that he had bribed officials from both Malaysia and the UAE to secure bond deals for Goldman Sachs.
He acknowledged that he and others had arranged 1MDB financing for bond issuance as it would incur higher costs for the bank.
LeBauer also admitted that he enriched himself beyond the public's knowledge, saying that it was more than $ 200mil (RM835mil)
Proceeds from 1MDB bonds flow into an account controlled by him and a relative.
As part of the settlement, he will confiscate nearly $44 (RM184mil).
Bribery is said to be more than cash.
A shell company controlled by Low allegedly gave US $27. 3mil (RM114mil)
To pay for a New York jeweler, he designed a pink diamond necklace for the wife of Datuk Seri Najib Razak, then Malaysiaprime minister.
Low and Leigher are also said to have transferred $4. 1mil (RM17. 1mil)
Go to New York to buy gold jewelry for Najib's wife, dartin Seri rooma Mansour.
Despite the disturbing questions raised by Goldman Sachs, the Justice Department's documents gave them a defense.
On the one hand, the company has taken compliance measures aimed at reviewing people who deal with them and preventing illegal acts.
At the same time, however, according to the prosecutor, some of its employees were allegedly aware of or involved in efforts to defeat those controls. Bad-
While it is not clear whether leaguer is working with prosecutors, the type of documents that the authorities did not seal on Thursday was often the predecessor of such an agreement.
His misleading statement to the bank could undermine his credibility as a witness against other employees.
For its part, the company may point out that leaguer allegedly had cheating at key intersections, arguing that he was hindering reasonable efforts to conduct due diligence on 1MDB transactions.
However, the participation of other employees announced on Thursday could hurt such a bad news --apple defence.
Lloyd Blankfein, who left Goldman Sachs CEO last month, told listeners in New York on Thursday that he did not know that senior managers had missed the red flag in the 1MDB deal.
Instead, he says, someone lied and evaded control.
Still, when asked what it means to the bank's reputation, he said with a blank face: "Well, it's not good.
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