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Tim Leissner said Goldman's job wasn't due diligence

Bloomberg
Bloomberg3/17/2022 04:38 PM GMT+08  • 3 min read
Tim Leissner said Goldman's job wasn't due diligence
"Tim Leissner basically said, 'Due diligence is not Goldman's responsibility -- it’s BSI's"
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Tim Leissner rebuffed questions about a suspicious shell company associated with 1MDB bond deals by saying due diligence was “not Goldman’s responsibility,” a former banker testified.

Former BSI SA banker Kevin Swampillai said on the stand that Leissner dismissed BSI’s questions about why fees paid to the Abu Dhabi-owned Aabar Investments PJS fund which guaranteed two of the 1MDB bond deals were being sent to an offshore shell company instead of the fund itself.

“You have a Middle East sovereign wealth fund that is about to enter into a transaction, but in this case it involved a shell company in the British Virgin Islands -- that was highly unusual,” Swampillai told the jury in the Brooklyn, New York, federal court trial of Leissner’s alleged co-conspirator and former Goldman Sachs Group Inc. colleague, Roger Ng.

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