Former Goldman Sachs executive Tim Leissner will give up his ill-gotten gains of $43.7 million in the An 1MDB scandal that put the American investment bank in hot waters. The decision is part of his settlement with the U.S. Securities and Exchange Commission (SEC).
According to the South China Morning Post, Leissner has been ordered to surrender the said amount that he received for the role he played in the 1Malaysia Development Berhad (1MDB) scandal involving Malaysian and Abu Dhabi government officials.
While Leissner has pleaded guilty to the U.S. Department of Justice's (DOJ) charges against him, another former Goldman banker, Roger Ng, pleaded not guilty of allegations that he was also involved in the bribery scheme.
The DOJ previously revealed that Goldman Sachs received around $600 million in illicit payments for its role in facilitating some of the activities that put 1MDB under suspicion of money laundering.
Goldman has repeatedly denied that it was involved in the transactions, stating that both Ng and Leissner worked independently and without the knowledge of the U.S. bank's management team.
Head of the SEC's foreign bribery department, Charles Cain, said that "Leissner abused his leadership role" at the bank by helping facilitate activities breaching the government-owned institution, the Malay Mail reported.
It has been months since Leissner pleaded guilty to money laundering and bribery but Malaysians and global citizens alike have not moved on from the scandal that rocked Malaysia's banking sector.
Leissner will be sentenced on June 11 in a Brooklyn federal court while Ng will face trial in Malaysia in April. Former Malaysian Prime Minister Najib Razak, on the other hand, recently took a stand in court for the 42 criminal charges he is faced with.
Earlier this month, Najib's trial saw the former Malaysian chief blame fugitive financier Jho Low of being the mastermind in embezzling the 1MDB's funds. According to the Financial Times, Najib revealed Low's portrayal of an "influential" person in the Middle East helped him carry out the bribery scheme.
Both Najib and Low have denied the charges against them, with Low remaining at large. However, he is still being hunted down to stand criminal prosecution for his alleged involvement in what could be the biggest money-laundering scandal in Southeast Asia.
The scandal also paved the way for Najib's historical defeat during last year's 2018 election wherein Prime Minister Mahathir Mohamad swept the ministerial votes in what could be the biggest moment in Asian elections history.
Mahathir said he is looking forward to settling with Goldman out of court but the bank would have to make an offer worth the agreement.
