Friday, January 29, 2016

HOT Swiss Suspect $4 Billion ‘Misappropriated’ by Malaysian State Companies; A Goldman Sachs Connection?

The Swiss attorney general’s office investigating Malaysian state-owned development fund 1MDB said on Friday it suspects that about $4 billion has been misappropriated from “Malaysian state companies, ” reports the WSJ

A criminal investigation conducted by the Swiss attorney general’s office has revealed “serious indications that funds have been misappropriated,” the Swiss prosecutor said in a statement.

So far four cases involving allegations of criminal conduct between 2009 to 2013 have been discovered, the attorney general’s office said. Each involved a “systematic course of action carried out by means of complex financial structures,” the statement said.

One has to wonder how this ties in with Tim Leissner, who has taken perosnal leave from Goldman and has left Asia for Los Angeles.

FT has previously reported. My Bold:
Goldman’s relationships in Malaysia first came to the fore in 2013 when the bank collected a $300m fee on a $3bn bond arranged for 1MDB...Usually bond fees are a fraction of that amount. ..
Mr Leissner was a key player in the bank’s relationships with power brokers in Kuala Lumpur, including Mr Najib , who chairs 1MDB’s advisory board....Mr Leissner’s wife has tweeted pictures of herself with Mr Najib’s wife, Rosmah, whom she described as “my friend”.


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