Thread by @karolcummins

💰1MDB - Deutsche Bank💰
💰1MDB - Goldman Sachs💰

Background:

U.S. Investigated Deutsche Bank’s Dealings With Malaysian Fund #1MDB

Justice Department looked into whether German bank violated foreign corruption or anti-money-laundering laws.

wsj.com/articles/u-s-i…

The U.S. Justice Department investigated whether DB violated foreign corruption or anti-money-laundering laws in its work for the 1MDB. fund, which included helping the fund raise $1.2 billion in 2014

wsj.com/articles/u-s-i…

The investigation into Deutsche Bank has been helped in part by a former Goldman Sachs Group Inc. executive, Tim Leissner, who is cooperating with authorities.
wsj.com/articles/u-s-i…

🔑Prosecutors have been investigating similar issues at Goldman, where Mr. Leissner, a former managing director, pleaded guilty last year and admitted to earlier helping siphon off billions of dollars from the fund.
wsj.com/articles/u-s-i…

🔑Meanwhile, the DOJ is set to begin negotiations with Goldman soon to try to resolve allegations through a possible criminal settlement.

📌This should drop fairly soon.

wsj.com/articles/u-s-i…

📌Prosecutors are focused, in particular, on the role of one of Mr. Leissner’s former colleagues, Tan Boon-Kee, who worked with Mr. Leissner on 1MDB-related business.
wsj.com/articles/u-s-i…

📌Tan Boon-Kee left Goldman to become Asia Pacific head of banking for financial-institutions clients at DB, where she was involved with further 1MDB dealings. She was interviewed by Singaporean authorities last year.
wsj.com/articles/u-s-i…

📌Ms. Tan left Deutsche Bank last year, after the bank discovered communications between her and Jho Low, the Malaysian financier described by the Justice Department as the central player in the 1MDB scandal.
wsj.com/articles/u-s-i…

A U.S. civil asset-forfeiture complaint repeatedly describes Deutsche Bank as being misled by 1MDB officers.
wsj.com/articles/u-s-i…

🔑Deutsche Bank is already contending with a criminal money-laundering probe in the U.S., congressional scrutiny of its relationship with Trump and others in his circle. The bank has said it is cooperating with investigations.
wsj.com/articles/u-s-i…

🔑Goldman Sachs has received the most attention in the 1MDB scandal for its involvement in helping the Malaysian fund raise $6.5 billion of bonds and the role of Mr. Leissner as a key co-conspirator in the scheme to steal money.
wsj.com/articles/goldm…

Goldman Sachs Group’s push for Asian business and lax oversight of partners led the bank to dismiss warning signs in its dealings with a corrupt Malaysian investment fund,

wsj.com/articles/goldm…

📌When the fund, 1Malaysia Development Bhd., first sought Goldman’s help raising money, the bond deal came before a committee of senior bankers in Hong Kong in 2012 for a key round of vetting.

wsj.com/articles/goldm…

Goldman’s unusual role as both financier and adviser, the colossal profit earned on what should have been a modest transaction—and how much of that haul would need to be disclosed.

wsj.com/articles/goldm…

🔑The deal happened anyway. It has ensnared Goldman in one of the largest financial frauds in history

wsj.com/articles/goldm…

12/18, Malaysia lodged criminal charges against the Goldman Sachs.

The country’s attorney general said he would seek a fine well above the $2.7 billion allegedly stolen by two former Goldman bankers and a Malaysian financier named Jho Low,
wsj.com/articles/goldm…

The Justice Department in Nov 2018 charged the ex-bankers, Timothy Leissner and Roger Ng, and is investigating Goldman itself. A possible large fine looms—some analysts peg it at as much as $2 billion—and the bank’s reputation has taken a hit.
wsj.com/articles/goldm…

Tim Leissner: Goldman Sachs banker at the heart of 1MDB scandal

The once rising star now poses one of the greatest threats to the bank in its history after pleading guilty to fraud
ft.com/content/52a072…

📌Goldman Sachs engaged in a smear campaign with the hope that by casting Mr. Leissner as a rogue employee, in an attempt to reduce its legal and reputational liability. Nice try...
nytimes.com/2019/01/16/bus…

Former GS. banker Roger Ng is in plea talks to avoid a U.S. trial on charges that he broke American anti-bribery laws and conspired to launder money embezzled from Malaysia’s state investment fund 1MDB.
bloomberg.com/news/articles/…

🔑Prosecutors alleged bribes and kickbacks were paid in connection with Goldman’s bond offerings on 1MDB’s behalf, which helped the fund raise more than $6 billion and which generated some $600 million in fees for the bank.
bloomberg.com/news/articles/…

Former senior GS banker Tim Leissner pleaded guilty to conspiring to launder money and violating the U.S. Foreign Corrupt Practices Act by paying bribes to Malaysia and Abu Dhabi officials and circumventing Goldman’s internal accounting controls.
bloomberg.com/news/articles/…

@threadreaderapp unroll please and TY!

#1MDB
#DeutscheBank
#GoldmanSachs
#TimLeissner
#TanBoonKee
#RogerNg
#JhoLow
#UAE
#Kush
#Qatar
#AbuDhabi
#FCPA