Implications of Leissner’s ‘confessions’

Guilty as charged: Leissner’s guilty plea has already cast doubts on the integrity of several of his associates in Goldman Sachs. — Bloomberg

ON Thursday, Goldman Sachs’ Tim Leissner pleaded guilty in a court in New York to charges of conspiring to launder money and pay bribes as well as kick-backs from the proceeds raised via 1Malaysia Development Bhd (1MDB).

By pleading guilty to the charges that were brought by the Department of Justice (DoJ) in the United States, Leissner effectively admitted to the DoJ’s charges on how money raised by 1MDB was used to pay bribes and fund an expensive lifestyle of several high-ranking officials in Malaysia, Abu Dhabi and a particular relative of a high-ranking official in Malaysia.