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

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

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

Camila Cabello has rare friendship with duet partner Shawn Mendes
Cabello and Mendes have been surrounded by relationship rumours after they were spotted holding hands in Los Angeles. At one point, fellow restaurant goers caught Shawn , 20, wrapping his arms around 22-year-old Camila's waist.

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.

Recommended News

  • Kate Middleton and Meghan Markle together for Wimbledon ladies final

    Kate Middleton and Meghan Markle together for Wimbledon ladies final

    Prime Minister Theresa May was among the famous faces watching the action with the duchesses from the royal box on Saturday. It's the second time the Duchess of Cambridge has worn this particular dress, the first was for a visit to Canada in 2016.
    Federer beats Nadal to reach record 12th Wimbledon final

    Federer beats Nadal to reach record 12th Wimbledon final

    After waiting 11 years to get another shot against Rafael Nadal at Wimbledon, Roger Federer was so, so close to the finish line. Once his volley victor found the net tape and trickled over to cap the third set, the outcome seemed inevitable.
    Protesters clash with Hong Kong police in rally against Chinese traders

    Protesters clash with Hong Kong police in rally against Chinese traders

    Huge demonstrations in the past month against a proposal to change extradition laws are reawakening other movements in the city. Many shops popular with parallel traders and mainland tourists closed in Sheung Shui, fearing being targeted by protesters.
  • Power failure halts NY  subway trains

    Power failure halts NY subway trains

    Coincidentally, Saturday's power outage struck on the 41st anniversary of the 1977 blackout, which lasted until July 14. The Twitter account for NY subways said the agency is working to keep trains moving and will bypass affected stations.
    Starbucks halting sales of newspapers at its locations

    Starbucks halting sales of newspapers at its locations

    Since 2015, Starbucks has been gradually reducing non-core products from its stores such as CDs and mugs. In 2018, weekday print circulation was down 12 percent and Sunday print circulation was down 13 percent.
    House OKs limiting Trump ability to strike Iran

    House OKs limiting Trump ability to strike Iran

    Michael McCaul, called it "dangerous" and said it would shutter USA counterterror operations around the globe. The White House has indicated that President Donald Trump will veto the House version of the bill.
  • Meghan Markle dazzles in Hugo Boss to attend Wimbledon with Kate Middleton

    Meghan Markle dazzles in Hugo Boss to attend Wimbledon with Kate Middleton

    It was a girls' day out for Meghan Markle , Kate Middleton and sister Pippa Middleton at the Wimbledon women's final on Saturday. In her on-court interview immediately after the match ended, Halep gushed when thanking the royals for coming out.
    Police make shocking discovery in auto  during traffic stop

    Police make shocking discovery in auto during traffic stop

    Neither the driver, Stephen Jennings, nor his passenger, Rachel Rivera, would provide a suitable explanation for it. Then, police said, the officers found that the vehicle had been reported stolen and began to dig a little deeper.
    West Ham reportedly looking into move for former Chelsea hitman Diego Costa

    West Ham reportedly looking into move for former Chelsea hitman Diego Costa

    Diego Costa is a controversial figure and is often the pantomime villain hated by opposition fans but loved by his own fans. Costa is now with Spanish side Atletico Madrid and is serving an 8-match ban for verbally abusing a referee.
  • Father uses case of beer as booster seat for child, police say

    Children under 40 pounds and less than 8-years-old are required to be in a booster seat, according to Ontario Police. They found the child was sitting on a 30-can case of beer.
    Daniel Dubois vs. Nathan Gorman on ESPN+ How to watch

    Daniel Dubois vs. Nathan Gorman on ESPN+ How to watch

    The Betfair Sportsbook are offering odds of 1/2 on the fight not going the distance and that covers a win for either man. Dubois between rounds 1-6 is available at 21/10, Gorman getting the job done in rounds 7-12 a cracking 6/1.
    AFCON 2019: Madagascar Was Our Joker - Rohr

    AFCON 2019: Madagascar Was Our Joker - Rohr

    The duo and Francis Uzoho are the only Super Eagles players yet to play in the tournament despite Rohr's rotation strategy. We want to say thank you to them for everything". "It is not possible to stroll to any continental title".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.