WASHINGTON (Reuters) – The U.S. Federal Reserve said on Tuesday that it permanently barred a former Goldman Sachs Group Inc (GS.N) executive from the banking industry over his role in Malaysia’s multi-billion-dollar 1MDB corruption scandal.
Men walk past a 1 Malaysia Development Berhad (1MDB) billboard at the fund’s flagship Tun Razak Exchange development in Kuala Lumpur March 1, 2015. REUTERS/Olivia Harris/File Photo
Andrea Vella, who was co-head of Goldman’s Asia investment bank in 2012 and 2013, failed to escalate information he had about Malaysian financier Low Taek Jho’s involvement in three bond offerings that Goldman underwrote for Malaysia’s sovereign wealth fund, the regulator said.
Malaysian and U.S. authorities have charged Low in connection with the theft of billions of dollars from 1MDB, which was originally set up by former Malaysia Prime