HONG Kong’s financial regulator has banned former Goldman Sachs banker Tim Leissner from re-entering the industry for life over his crimes linked to 1Malaysia Development Bhd, reports Reuters.

Leissner, charged in the US over the multibillion-dollar scandal, pleaded guilty in August last year.

The Hong Kong Securities and Futures Commission is of the view that his conduct showed “a serious lack of honesty and integrity”, and raised questions on whether he is fit to be “a licensed person”, said the report.

It quoted a Goldman Sachs spokesman as saying Leissner had “deliberately” concealed certain activities from the bank, in addition to violating its policies and procedures “repeatedly”.

The bank is being investigated by the US Department of Justice for its role as underwriter and arranger for 1MDB bonds worth US$6.5 billion (RM26.89 billion).

In addition to Leissner, another former Goldman Sachs banker, Roger Ng, and Penang-born financier Low Taek Jho have been charged in the US over the scandal.

In May, Ng, who was extradited to the US from Malaysia, pleaded not guilty before a New York judge to bribery and other charges.

The whereabouts of Low, said to be the mastermind of the 1MDB fraud, remain unknown. – July 3, 2019.