Asia Malaysia What prevented Mauritius from being linked to the 1MDB scandal?

What prevented Mauritius from being linked to the 1MDB scandal?




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A source from Mauritius told The Independent that a promissory note for a large amount of money – in billions of dollars – made its way to Mauritius from Malaysia, but the transaction came short from materialising in the end.

A promissory note is a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.

While no further details could be obtained on what type of transaction it was, the source said the money was probably linked to “an embattled agency.”

There are many questions in this revelation by the source who is said to have seen documents pertaining to this failed deal.

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First of all, why did the deal fall through? Who was behind it and why Mauritius?

Mauritius is where Indian money was channelled into investment companies and later re-invested in into India via any company in Mauritius.

This is known as the ‘Mauritius route’.

The source did not name the agency, nor the reason for the transaction that was to be carried out in Mauritius offshore banking system.

When asked if the money had any links with 1MDB, the source said: “It is an agency that has got a lot of international media attention.”

But it said a relatively small bank in Port Louis was commissioned to assist in the deal, that is to cash the promissory note in Mauritius but the deal fell apart due to regulatory hurdles.

The source did not reveal what were the ”hurdles’ that caused the deal to fall through, or whose name was on the promissory note but said it was not the Malaysian Prime Minister Najib Razak.

The source also said a well-known person who is banned in Singapore’s financial sector and is married to a popular socialite was linked to the deal.

When asked whether it was Tim Leissner? the answer was “he is very well known indeed!”.

Leissner is married to Kimora Lee a fashion model and designer.

The former Goldman Sachs Group Inc.’s star banker was given a long term ban in Singapore for his involvement in the 1MDB saga.

The Monetary Authority of Singapore (MAS) has issued a 10-year Prohibition Order (PO) against Tim Leissner, a former director of Goldman Sachs (Singapore) Pte (GS S’pore).

MAS said in December 2016, MAS served notice of its intention to issue a PO against Leissner and invited him to submit written representations as to why a PO should not be made against him.

Leissner was found to have issued in June 2015 an unauthorised letter to a financial institution based in Luxembourg and to have made false statements on behalf of Goldman Sachs (Asia) L.L.C., without the firm’s knowledge.

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