Did Tim Leissner steal from his accomplices in the 1MDB fraud?

Question

Accepted Answer

Tim Leissner Admitted to Stealing from Accomplices in 1MDB Fraud

Tim Leissner, a former Goldman Sachs banker, has testified that he stole tens of millions of dollars from his associates involved in the 1Malaysia Development Berhad (1MDB) fraud. Leissner detailed how he illicitly retained a significant portion of funds that were entrusted to him, beyond the agreed-upon kickbacks and bribes. This admission came during his testimony in the bribery trial of his former colleague, Roger Ng.
Retention of Funds from Shell Company

Leissner revealed that Malaysian financier Jho Low had asked him to hold €145 million, equivalent to US$162 million, in a shell company based in Mauritius. From this sum, Leissner admitted to keeping US$80 million for himself, citing that a substantial part of his own capital was tied up in illiquid assets. This action significantly exceeded the US$60 million in kickbacks he had initially retained from the 1MDB bond deals.
Borrowing and Unfulfilled Repayment

Further compounding his illicit activities, Leissner disclosed that he borrowed an additional US$1.25 million from Roger Ng, who was his subordinate at Goldman Sachs. Leissner stated his intention to repay Ng, but this plan was never realised due to his arrest in 2018. Ng is currently facing charges related to money laundering conspiracy and bribery stemming from the 1MDB scandal.
Diversion of Stolen Funds for Personal Gain

The former banker detailed how he used some of the misappropriated funds for lavish personal acquisitions. These included the purchase of a US$50 million yacht, a stake in the Inter Milan football team, and a Manhattan apartment located on 68th Street and Madison Avenue. Investments were also made in a media company named All Def Digital Inc and Celsius Holdings Inc, known for its energy drinks.
Deception in Marital Status

Leissner also confessed to significant personal deception, including being married to two women concurrently. He admitted to fabricating a divorce decree to marry Kimora Lee Simmons while still legally wedded to Judy Chan Leissner. Additionally, he falsified a divorce document to marry Judy Chan in Hong Kong around the year 2000. This pattern of deceit extended to attempts to secure a Los Angeles home for Simmons, involving fabricated emails to circumvent his then-wife's refusal to facilitate his new family life.

Reading history

Hide →

This history is cleared when the page is closed.

Did Tim Leissner steal from his accomplices in the 1MDB fraud?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends