U.S. probes Deutsche Bank's dealings with Malaysia's 1MDB

Germany’s biggest bank under US scope over past dealings with 1MDB

Germany’s biggest bank under US scope over past dealings with 1MDB

He cited US DoJ documents, saying 1MDB made "material misrepresentations and omissions to Deutsche Bank officials" in connection with 1MDB's transactions with the bank.

The US Justice Department is finally investigating Deutsche Bank to see if Germany's biggest bank violated foreign corruption or anti-money laundering laws when it helped 1Malaysia Development Berhad (1MDB) raise US$1.2 billion (RM4.9 billion).

The investigation into Deutsche Bank has been helped by former Goldman Sachs banker Tim Leissner, who pled guilty to his involvement in the 1MDB scandal, the Journal reported.

"Deutsche Bank has cooperated fully with all regulatory and law enforcement agencies that have made inquiries relating to 1MDB", the company said. "This is consistent with the bank's own findings in this matter", the firm said in the statement.

Deutsche Bank previously fielded questions from authorities in Singapore examining possible ties between a former executive who worked at both Goldman Sachs and the German bank and fugitive financier Low Taek Jho, people with knowledge of the situation said previous year.

Citing the latest version of the US Justice Department's civil asset-forfeiture complaint, the WSJ reported that Deutsche Bank was heavily invested in 1MDB with its name mentioned 167 times in the documents compared to Goldman Sachs, which was mentioned 56 times.

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Leissner, Goldman's former head of Southeast Asia, pleaded guilty a year ago to US charges that he conspired to launder money and violated the Foreign Corrupt Practices Act.

WSJ reported that Deutsche Bank had also arranged 1MDB's USA $1.2 billion emergency loans that were allegedly stolen by Low and his associates.

The bank has since portrayed Leissner as a rogue employee who circumvented the bank's internal controls.

US Justice Department's Assistant Attorney General Brian Benczkowski, said, "We do anticipate getting into active discussions with Goldman, at this point, in the near future". But he declined to comment on any other aspect of the 1MDB investigation.

Ms Tan left Goldman to become Asia-Pacific head of banking for financial institution clients at Deutsche Bank, where she was involved with further 1MDB dealings, it added.

The bank also announced Sunday it would make 18,000 job cuts by 2022 about one-fifth of its workforce as it seeks to escape years of turmoil and return to sustained profits. US prosecutors are now examining the same executive, according to the Journal's report. Goldman Sachs handled the deals, reaping nearly US$600 million in fees.

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