USA charges Malaysian financier in multibillion-dollar scheme

AFP pic

Also unsealed yesterday in federal court in the Eastern District of NY was the guilty plea of Tim Leissner, the former South-east Asia Chairman and participating managing director of the Financial Institution, to a two-count criminal information charging Leissner with conspiring to launder money and conspiring to violate the FCPA by both paying bribes to various Malaysian and Abu Dhabi officials and circumventing the internal accounting controls of the Financial Institution while he was employed by it. It is unclear if Mr Ng has a lawyer. Malaysian officials have said Low is believed to be living in China.

The indictment accuses Leissner and Ng and of using Low's connections to government officials in Malaysia and Abu Dhabi to "retain business from 1MDB for [Goldman Sachs] through the promise and payment of hundreds of millions of dollars in bribes", including three bond transactions that raised about $6.5 billion for the 1MDB fund between 2012 and 2013. Ng was arrested earlier yesterday in Malaysia, pursuant to a provisional arrest warrant issued at the request of the USA, they said. The unidentified co-conspirator agreed with Mr. Leissner not to tell anyone in Goldman's compliance department about the bribes, according to court documents.

While US prosecutors have previously filed civil asset forfeiture suits for assets allegedly bought with some of the stolen funds, these are the first criminal charges the Justice Department has brought against individuals in the case.

An estimated $4.5 billion was misappropriated from 1Malaysia Development Berhad, or 1MDB, by high-level officials of the fund and their associates, the US Justice Department has alleged. He has been ordered to forfeit US$43.7 million.

A Sydney-based public relations firm representing an unnamed spokesman for the Penang-born better known as Jho Low issued a media statement telling the public that he is to be presumed innocent until proven guilty.

In a speech a year ago in Washington, U.S. Attorney General Jeff Sessions denounced the scandal as "kleptocracy at its worst".

Cricket Australia refuses to soften the band on Smith, Warner, and Bancroft
The Australian Cricketers' Association will address the media in response to the Cricket Australia culture review later today. When asked about the possibility of legal action, Nicholson replied "we just need to get through the first stage".

Mr Daim said Low, whose full name is Low Taek Jho, has been requesting for many things, including a meeting with him and Dr Mahathir. Working with the FBI, Indonesian authorities seized Low's $250 million luxury yacht Equanimity off Bali in February and Malaysia's government is now auctioning it.

"As noted in the indictment today, Mr". The corruption scandal involving the fund had already upended Malaysian politics.

Najib in 2015 sacked his attorney general and a deputy prime minister for demanding answers about 1MDB.

Former leader Mahathir Mohammad, outraged over the scandal, came out of retirement and the opposition united behind him in the national elections, leading to Najib's ouster in May.

An investigation by the Journal revealed millions linked to the fund ended up in Najib's personal bank accounts.

Najib has pleaded not guilty to all the charges and has consistently denied wrongdoing.

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