So how did Deutsche Bank get thrown into yet another scandal? It turns out that DB was snitched out by former Goldman banker, Tim Leissner, the man who was ground zero in the original 1MDB scandal, and who ended up costing Goldman billions in dollar in market cap as its stock tumbled last year as its role in the biggest Malaysian corruption scandal got exposed, and according to some, cost Lloyd Blankfein his job.
Ms. Tan left Deutsche Bank last year, after the bank discovered communications between her and Jho Low, the Malaysian financier described by the Justice Department as the central player in the 1MDB scandal, according to a person familiar with her exit.
He cited Justice Department documents saying 1MDB made "Material misrepresentations and omissions to Deutsche Bank officials" in connection with 1MDB's transactions with the bank.
As we now learn, Deutsche Bank, too, played a large role in a variety of transactions related to 1MDB. In fact, DB's role may even be greater than that of Goldman: in the most recent version of the Justice Department's civil asset-forfeiture complaint, in which it details the 1MDB scheme at length, Deutsche Bank is mentioned 167 times.
The complaint says Deutsche Bank was involved with 1MDB from its earliest days in 2009 as the bank facilitating financial transfers related to 1MDB's first big deal, a joint venture with a little-known Swiss company called PetroSaudi.
The bank called in the loan early when it realized 1MDB's collateral was impossible to verify, and 1MDB got an Abu Dhabi sovereign-wealth fund it often worked with to extend a $1 billion loan to replace Deutsche Bank, according to the complaint and Malaysian investigative documents.
Back to Deutsche Bank, which after its biggest corporate restructuring announcement in decades, one which will see roughly one in five of its employees be terminated, it now appears that the Frankfurt-based bank will be in the spotlight for even more unpleasant reasons, likely assuring that thousands more of DB workers are summarily and quietly let go in the coming months, as the barrage of non-stop bad news makes one wonder: maybe it's time for the bank to just turn off the lights.....
https://www.zerohedge.com/news/2019-07-10/us-probing-deutsche-banks-dealings-malaysias-1mdb-after-goldman-throws-it-under-bus
Ms. Tan left Deutsche Bank last year, after the bank discovered communications between her and Jho Low, the Malaysian financier described by the Justice Department as the central player in the 1MDB scandal, according to a person familiar with her exit.
He cited Justice Department documents saying 1MDB made "Material misrepresentations and omissions to Deutsche Bank officials" in connection with 1MDB's transactions with the bank.
As we now learn, Deutsche Bank, too, played a large role in a variety of transactions related to 1MDB. In fact, DB's role may even be greater than that of Goldman: in the most recent version of the Justice Department's civil asset-forfeiture complaint, in which it details the 1MDB scheme at length, Deutsche Bank is mentioned 167 times.
The complaint says Deutsche Bank was involved with 1MDB from its earliest days in 2009 as the bank facilitating financial transfers related to 1MDB's first big deal, a joint venture with a little-known Swiss company called PetroSaudi.
The bank called in the loan early when it realized 1MDB's collateral was impossible to verify, and 1MDB got an Abu Dhabi sovereign-wealth fund it often worked with to extend a $1 billion loan to replace Deutsche Bank, according to the complaint and Malaysian investigative documents.
Back to Deutsche Bank, which after its biggest corporate restructuring announcement in decades, one which will see roughly one in five of its employees be terminated, it now appears that the Frankfurt-based bank will be in the spotlight for even more unpleasant reasons, likely assuring that thousands more of DB workers are summarily and quietly let go in the coming months, as the barrage of non-stop bad news makes one wonder: maybe it's time for the bank to just turn off the lights.....
https://www.zerohedge.com/news/2019-07-10/us-probing-deutsche-banks-dealings-malaysias-1mdb-after-goldman-throws-it-under-bus
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