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Deutsche Bank faces US investigation over work for Malaysia's 1MDB fund

Tim Leissner, another ex-Goldman executive who pleaded guilty last year for his role in the scandal, has been helping with the Deutsche Bank examination.

Bloomberg|
Jul 11, 2019, 11.27 PM IST
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The inquiry aims to determine whether Deutsche Bank might have violated foreign-corruption or anti-money-laundering laws as it helped 1MDB raise $1.2 billion in 2014, the Wall Street Journal said in an earlier report on Wednesday.
NEW YORK: The US Department of Justice is investigating Deutsche Bank AG as part of a broadened probe of Malaysia’s scandal-plagued 1MDB investment fund, according to a person with knowledge of the matter.

Investigators, who have spent years examining Goldman Sachs Group Inc’s lucrative dealings with the fund, are now taking a closer look at a former Goldman executive who later worked at the German bank, said the person, who asked not to be identified discussing the confidential inquiry. US authorities haven't accused Deutsche Bank or the former employee of wrongdoing.

The inquiry aims to determine whether Deutsche Bank might have violated foreign-corruption or anti-money-laundering laws as it helped 1MDB raise $1.2 billion in 2014, the Wall Street Journal said in an earlier report on Wednesday.

Tim Leissner, another ex-Goldman executive who pleaded guilty last year for his role in the scandal, has been helping with the Deutsche Bank examination. The WSJ identified the former banker at Goldman and Deutsche Bank as Tan Boon-Kee, who is now working for Hong Kong-based insurer FWD Group Ltd.

Tan, who in 2018 was interviewed by Singapore authorities in connection with 1MDB according to people with knowledge of the matter, declined to comment.

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