Tim Leissner’s 1MDB scandal turns into political plot involving ex-Fugees Pras rapper



‘Pras’ has been indicted by a federal grand jury for waging a back door campaign to get the Trump administration to drop an investigation into Jho Low and investment firm 1MDB.

The scandal of the 1 Malaysia Development Berhad (1MDB) fund is not yet over. Last week, a District of Columbia grand jury released an alternate indictment accusing US rapper Prakazrel “Pras” Michel and 1MDB frontman Jho Low of orchestrating an unrecorded back-channel campaign. from 2017.

The campaign was aimed at influencing the former Trump administration and the Justice Department to drop the investigation of Jho Low and others in connection with 1 MDB and to return a Chinese dissident to China.

They allegedly conspired to carry out an unregistered lobbying campaign under the leadership of Jho Low and the Vice Minister of Public Security of the People’s Republic of China to end the investigation into the 1MDB embezzlement and the confiscation proceedings involving Jho Low and others.

Part of the plot included the return of a Chinese dissident to China. The dissident has been identified as Chinese critic Guo Wengui, an ally of Steve Bannon.

‘Pras’ and Low are also charged with a money laundering conspiracy linked to the overseas lobbying campaign. They funneled millions of dollars of Low’s money into the US presidential election and hid the real sources using rapper “Pras” and around 20 straw donors.

Low and “Pras” were charged in 2017 with conspiring to funnel $ 21.6 million in foreign money into the re-election of former President Obama. In 2018, “Pras” “opened several accounts at financial institutions in the United States to keep the money flowing to the United States under the direction of Jho Low.”

Now ‘Pras’ has been indicted by a federal grand jury for waging a back door campaign to get the Trump administration to drop an investigation into Jho Low and investment firm 1MDB.

The political conspiracy involving the ex-Fugees Pras aimed to do away with the 1MDB scandal. Formerly known as 1Malaysia Development Berhad, the Malaysian strategic development company was at the center of a money laundering scheme involving Tim Leissner.

Tim Leissner, former Goldman Sachs president for Southeast Asia, has pleaded guilty to conspiracy to launder money and violations of the Foreign Corrupt Practices Act (FCPA).

Roger Ng, managing director of Goldman and head of the investment bank in Malaysia, awaits trial in federal court in New York.

Jho Low, a Malaysian financier, was at the center of the scheme but was not apprehended. Together with Leissner and Ng, they managed a massive international corruption program over a five-year period in which they paid $ 1.6 billion in bribes to senior government officials in Malaysia and Abu Dhabi. .

In return, they secured lucrative underwriting contracts for Goldman Sachs worth around $ 6.5 billion in three bond increases for 1MDB from which Goldman earned more than $ 600 million in fees.

In 2019, Tim Leissner struck a deal with the SEC as part of a deal that includes a permanent ban on the securities industry. The SEC order required Leissner to pay a restitution of $ 43.7 million, which will be offset by amounts paid under a forfeiture order as part of a resolution in a criminal action parallel previously instituted by the US Department of Justice.

In July 2018, the Hong Kong Securities and Futures Commission (SFC) announced that it was barring Tim Leissner from re-entering the industry for life due to his crimes related to 1Malaysia Development Berhad.

In the same year, Tim Leissner was banned for life by the Singaporean government from participating in any activity of the securities industry in Singapore due to his involvement in the multibillion dollar incident at 1MDB, representing the latest action by a government on alleged crimes. surrounding the Malaysian State Investment Fund.

Leissner left his post at Goldman Sachs in 2016 when the FBI intervened in the scandal involving the Malaysian finance minister.



Source link

Previous Electronic Data Interchange Software Market Size Key Opportunities, Strategic Assessment, Strong Revenue, and Forecast to 2026
Next Pole vault perfect pair: Warren Hills' Mele and Read have high hopes for meeting the Champions