Nonetheless, according to court documents, they chose to weigh up those risks against the benefits of continuing to deal with the rich crooks from 1MDB and their Abu Dhabi partners.
The bankers had got the message about the risk and threat involved, reenforced by the warnings from this website. The taxpayer has a right to transparency.
#Goldman sachs tim leissner series#
We suggest these authorities start checking through this series of Labuan deals, which have put such a huge and mysterious debt burden on the Malaysian people. And the German authorities have already looked once at Deutsche Bank’s involvement with Kenanga Holdings, the investment company which is co-owned by the Taib family’s CMS. In Switzerland the authorities are already investigating the activities on UBS under parallel laws. “Under its Foreign Corrupt Practices Act the United States has prosecuted a number of corporations and banks who have failed to perform proper due diligence or have facilitated corrupt acts. These were the paragraphs they circulated to one another as they mulled over what to do: In emails to one another the Swiss bankers nervously quoted the threatening lines from SR’s concluding paragraphs in the article, which contained a direct warning to professionals like themselves contemplating further engagement with 1MDB. Having viewed the extraordinary level of commissions and interest obtained by Goldman Sachs (a characteristic of the crooked deals) Sarawak Report called foul, urging US regulators to investigate America’s most influential bank. This was the first of the many scoops on 1MDB published by this site, based on a leaked copy of the original ‘Magnolia’ bond offer document produced by Goldman Sachs, May/June 2012.
It did so in August 2013 and officers communicated with one another about a troubling article posted by none other than Sarawak Report just the month before. Lombar Odier’s ‘due diligence’ process on the deal involved scouring the web for information about 1MDB and its bond issues. Don’t take warnings from ‘politically biased’ Sarawak Report! A scruffy signature at the bottom of the invoice provided to the bank had no name attached. However, when the bank asked to be put in touch with named officials from the 1MDB website to receive reassurance on the matter this was refused.Īnother unsatisfactory aspect to the paperwork was the lack of identification for the beneficial ownership of the off-shore Pacific Habor company, now confirmed as having been owned by Jho himself. One item of information they obtained from probing their clients was that the money originated from contracts performed for 1MDB. The money was frozen for some weeks as the team from Lombard Odier attempted to verify the massive transfers. The obvious problem that caught their eye was the inadequate and amateurish documentation provided to explain the enormous payouts for alleged services performed for Pacific Habor. Documents show that the officers who scrutinised the deal immediately identified the classic Red Flags associated with all of Jho Low’s flamboyant schemes involving Political Exposed Persons (PEPs), of which Otaiba was clearly one. The case is against the compliance team at the bank (although the implication is that the complicity went to the top). Otaiba was cited by Tim Leissner in court testimony as one of the players identified by Jho Low as being due for a kickback for his high level facilitation in the bond deal and two earlier bonds raised in the same way – the total money raised 2012-13 was $6.5 billion. This was shortly after Najib had raised 1MDB’s $3bn Goldman Sachs bond issue, as part of an alleged strategic partnership with Abu Dhabi’s Aabar sovereign wealth fund, which was the source of the money.
Otaiba’s business partner and main contact with Jho Low, Shaher Awartani, received $20 million as part of the same bogus deal (in true Jho Low style the bankers complained the fake documentation provided was shambolic).īoth the Emirati businessmen had opened their accounts simultaneously at the bank, just before the money came in in 2013.
#Goldman sachs tim leissner trial#
The Emirate’s current Ambassador to Washington, Sheikh Yousef Otaiba, long cited as a business partner of Jho Low and suspected recipient of kickbacks from the 1MDB fraudster, is identified in court papers for the trial of an officer of Lombard Odier bank as receiving $30 million from an offshore Jho Low entity, Pacific Harbor Global Growth Fund. A case comes to trial in Switzerland, June 19th, that holds extraordinary implications for the reputation of the UAE.
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