Hong Kong's Securities and Futures Commission has banned former Goldman Sachs (Asia) partner Tim Leissner from working as a securities and financial adviser in the city for life, in relation to the 1 Malaysia Development Berhad (1MDB) corruption scandal.
Tim Leissner, Goldman Sachs's former Southeast Asia chairman, pleaded guilty in August 2018 to criminal charges brought by the United States Department of Justice against him for conspiring to commit money laundering and to violate the Foreign Corrupt Practices Act, the Hong Kong Securities and Futures Commission said in a statement.
"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.
Leissner’s conduct demonstrates a serious lack of honesty and integrity and called into question his fitness and properness to be a licensed person"
In March, Leissner was banned for life from the U.S. finance industry by the U.S. Federal Reserve, the country's central bank, after he admitted bribing officials in Malaysia and the United Arab Emirates to get bond deals for Goldman Sachs. The banker, who is free on bail and has yet to be sentenced, could face prison.
According to the Department of Justice, $4.5bn was siphoned from 1MDB between 2009 and 2014, a period in which Leissner was licensed by the SFC.
He was licensed by the SFC between April 1998 and February 2016, covering the period between 2009 and 2014, during which he is said to have conspired with others to get business from 1MDB for Goldman through bribes and kickbacks to government officials in Malaysia and Abu Dhabi.
1MDB is an insolvent state fund owned by Malaysia's government, which claimed to have founded the fund to forge global partnerships and promote foreign direct investment. Former Malaysian Prime Minister Najib Razak faces criminal charges related to losses at the fund, and has pleaded not guilty.