KUALA LUMPUR, March 16 — Goldman Sachs had been warned against doing business with Low Taek Jho — or Jho Low as he is popularly known — by its own internal legal and intelligence adviser, a US court on the 1MDB scandal heard.
O’Flaherty, who was reported to have 30 years’ experience in the British intelligence corps, told the US court that he recommended Goldman not accept Low as a client after a due diligence review, just before the first 1MDB bond was issued. O’Flaherty was testifying for the prosecution in the US trial of Ng, the former head of investment banking in Goldman’s Malaysian operations, who is charged with conspiring to bribe foreign officials to win business for the US investment bank, which is in violation of US corruption laws.Leissner, who was Ng’s boss, pled guilty in 2018 to conspiring to launder money and violate an anti-bribery law, and agreed to cooperate with US prosecutors.
“...it’s important that we have no role on our side for Low, and asked that any payment to intermediaries are declared. I was trying to get reassurance that Low was not involved,” he was quoted saying.Between 2009 and 2014, Goldman reaped some US$600 million in fees for helping 1MDB sell US$6.5 billion in bonds, but around US$4.5 billion of that was diverted.
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Source: staronline - 🏆 4. / 75 Read more »