Leissner was a partner for Goldman Sachs’ Asia division. He also agreed to a forfeit fine of $43.7 million. He is scheduled to be sentenced in March.
Leissner will testify against Ng. And they have both been barred from working in the securities industry.
Malaysia 1MDB funds diverted
Goldman Sachs was helping sell $6.5 billion of bonds for 1MDB, the sovereign development fund. This was a fund former Malaysian Prime Minister Najib Razak launched to encourage economic development.
Prosecutors allege Ng and Leissner worked with corrupt Malaysian financier Jho Low to divert $4.5 billion from the fund. Some of the money Goldman had helped raise through bond sales. Together the three conspired to misappropriate funds. and enjoy a lavish lifestyle.
Authorities claim that the conspirators looted the fund. At the same time, Goldman was paying more than $1.6 billion in bribes to officials in Malaysia and Abu Dhabi for 1MDB business.
Low, the third conspirator is on the run and remains at large. And international authorities are trying to find him.
