An unlikely couple with close ties to Jho Low tried to buy a Qatari-controlled bank in the Indian Ocean. The bid came shortly after the 1MDB scandal blew up last year.
Tim Leissner was recently barred from finance in the U.S. after refusing to respond to investigative requests, and he is prohibited from Singapore's financial center.
The German-born Leissner was Goldman Sachs' point man in southeast Asia until early last year, when it emerged that he had unseemly ties to Jho Low. U.S. officials allege that Low masterminded the complex web siphoning billions from 1MDB's state coffers to private ones.
Now, «The Wall Street Journal» reports that Leissner spent his time after being ousted at Goldman scrambling for an alternative plan in Asia.
«Blackfish» Entity
The banker, who stumbled over an unauthorized recommendation letter for Low to another firm, joined up with Phengphian Laogumnerd last year. The two tried to buy a bank in Mauritius and install themselves in executive and board capacities, the newspaper reported.
Phengphian is a Thai businessman and associate of Low's, who despite efforts to locate him remains AWOL. Low's assets including a private jet, exclusive property and diamond jewellery have been seized as part of the U.S.-led investigaton. Singapore, Switzerland, and Luxembourg are also part of the probe.
The ex-Goldman dealmaker and Phengphian last year set up an entity – Blackfish – to buy Century Banking Corp. off its Qatari owners. The plan? Phengphain put up 10 million euros to pre-fund the deal, arranged by Leissner.
Lingerie Move
Phengphian's ties to Low are even more recent. Four months ago, he bought a majority stake in Myla, a London-based lingerie line that had been held by a Low family trust.
The bid for Century Bank, eight months after Leissner had left Goldman and after the 1MDB scandal had imploded in Singapore and Switzerland, was blocked by Mauritius' central bank. The island nation was concerned about Leissner's attachment to Low and to the 1MDB scandal, according to the «WSJ».
Low's lawyers didn't comment on the deal, while a legal representative for Leissner said the banker, now at home in Los Angeles, did nothing illegal in connection with it.
