The son of Australia's leader worked at Goldman Sachs while the American investment bank was carrying out now contentious bond deals for 1MDB. He claims he got an eyeful of scandal.
Alex Turnbull, the son of Australian Prime Minister Malcolm Turnbull, claims he was shunned by Goldman Sachs after raising alarm about the firm's issuing of $6 billion in bonds for 1MDB, «The Australian,» newspaper (behind paywall) reports.
Turnbull, an investment banker with Goldman in Singapore until 2013, said he questioned the high price and lack of transparency on the bond issue, though he was was not involved in deal. He recounted emailing his some colleagues at the bank asking 'What is going on with this? The pricing is nuts, what is the use of funds?'
«A Shit Business»
Now a hedge fund executive, Turnbull says hegot a talking-to by Goldman's compliance department and his career was «B-tracked» after speaking up. «Whistleblowing is a shit business,» he told the publication.
Tim Leissner, Goldman's former Southeast Asia chairman, was reportedly influential in winning the 1MDB bond business for Goldman. He has also emerged as a confidant to Jho Low, who U.S. prosecutors allege is the financial mastermind behind the graft scandal. The bank two years ago officially parted ways with Leissner, who has since been barred from the U.S. securities industry.
