MAS issues 10-year prohibition order against former Goldman Sachs director

THE Monetary Authority of Singapore (MAS) has issued a 10-year prohibition order against Tim Leissner, a former director of Goldman Sachs (Singapore).

The prohibition order prevents Mr Leissner from performing any regulated activity under the Securities and Futures Act and taking part, directly or indirectly, in the management of any capital market services firm in Singapore.

Mr Leissner was found to have issued in June 2015 an unauthorised letter to a financial institution based in Luxembourg.

He was also found to have made false statements on behalf of Goldman Sachs (Asia) LLC, without the firm's knowledge.

MAS also plans to issue prohibition orders against three more individuals investigated by the Commercial Affairs Department (CAD) on 1MDB-related matters, and consequently convicted by the courts in Singapore.

They are Jens Fred Sturzenegger, former branch manager of the Singapore branch of Falcon Private Bank; as well as Yak Yew Chee and Yvonne Seah Yew Foong, both former employees of BSI Bank.

"Given the gravity of their misconduct, MAS intends to issue lifetime prohibition orders against Mr Sturzenegger and Mr Yak, and a 15-year prohibition order against Ms Seah," MAS said.

Ong Chong Tee, deputy managing director of financial supervision at MAS, said that the regulator will not tolerate conduct by any finance professional that threatens to undermine trust and confidence in Singapore's financial system.

"MAS will not hesitate to bar such individuals from carrying out regulated activities in the financial industry. It is imperative that industry professionals and representatives of financial institutions are fit and proper persons," he said.