A $4.5 billion corruption scandal allegedly linked to a Goldman Sachs exec who married Kimora Lee Simmons is coming to an end


Tim Leissner and Kimora Lee Simmons

Malaysian police have issued an arrest warrant for Jho Low, the financier they believe is at the center of a corruption scandal that syphoned $4.5 billion from Malaysia’s sovereign wealth fund.
Separately, Tim Leissner, a former Goldman Sachs partner and Southeast Asia chairman, is negotiating with American prosecutors over a potential guilty plea regarding his alleged role in the scam, according to the Wall Street Journal.
The moves would bring to a close one of the most spectacular financial corruption cases of recent memory: Low allegedly used the money to party with Leonardo DiCaprio, Miranda Kerr, and Paris Hilton. He once bought a $1.29 million necklace for model Miranda Kerr.
Leissner is married to Kimora Lee Simmons, the model and designer.

The FT once said of him: “His partying ability was also legendary.”
Business Insider’s account of Jho Low’s life and the 1MDB scandal was first published on August 17, 2017.

Malaysian police have issued an arrest warrant for Jho Low, the fugitive financier they believe is at the center of a corruption scandal that syphoned $4.5 billion from Malaysia’s sovereign wealth fund, according to Reuters.

Low was last seen in Hong Kong but is believed to have fled to nearby Macau by ferry, according to the South China Morning Post.

Separately, Tim Leissner, a former Goldman Sachs partner and Southeast Asia chairman, is negotiating with American prosecutors over a potential guilty plea regarding his alleged role in the scam, according to the Wall Street Journal. Goldman earned $600 million in fees from the sale of bonds for the fund, called 1MDB.

It is not clear what Leissner’s talks are about. The Wall Street Journal said:

“One potential charge Mr. Leissner could ultimately plead guilty to would be a violation of the U.S. Foreign Corrupt Practices Act, which bans the use of bribes to foreign officials to get or keep business, according to some of the people familiar with the matter.”

The looming arrest of Low and a potential plea deal with Leissner, would bring to a close one of the more spectacular financial corruption cases of recent memory. Low allegedly used the money to party with Leonardo DiCaprio, Miranda Kerr, and Paris Hilton. And he once bought a $1.29 million necklace for model Miranda Kerr. In August last year, he disappeared. The last recorded sighting of his superyacht was on August 12, just off the coast of Koh Rong Sanloem island, Cambodia.

Leissner has also had a colorful life. His wife is Kimora Lee Simmons, the former model, TV star, and designer of the Baby Phat clothing line, who was once married to music producer Russell Simmons. The pair were married in 2014, two years before he quit Goldman. The Financial Times once described Leissner this way: “His partying ability was also legendary, and even rivals admit he would still show up on time for meetings, however late the night before had ended.” Leissner and Simmons attended Harvey Weinstein’s Golden Globes party in 2014, for instance. The party was once the hottest …read more

Source:: Business Insider

      

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