Wednesday, May 31, 2017

Kimora Lee Simmons and 1MDB

Model and fashion designer Kimora Lee Simmons (right) denied that money illegally channeled from 1MDB helped finance her company.

The Los Angeles Times reported that Kimora had taken issue with The New York Post’s report last Thursday linking her signature fashion line to the FBI’s investigation into 1MDB funds.

In case you didn’t know, Kimora is married to Tim Leissner, the former senior banker for Goldman Sachs in Asia who managed 1MDB transactions which are now under scrutiny by law enforcement agencies in a number of countries.

The New York Post’s page 6 had alleged that it “widely believed” that Leissner financed the launch of the Kimora Lee Simmons brand.

Kimora told the LA Times: “I’ve been around for quite some time. I’m an old lady so I’ve always been self-sustaining, self-funded”.

She added: “I fund my own business...I’ve been in the fashion industry since [age] 12, modeling and all that”.

Her admission reminds me of PM Najib Razak’s wife, Rosmah Mansor. She too had previously claimed that she saved up since very young to buy the ring (right) that was worth only RM24 million. Yeah right!

The New York Post story comes on the heels of a Bloomberg report on April 28 that US prosecutors are probing Goldman Sachs Group Inc’s role in raising almost $6 billion for Malaysia’s 1MDB investment fund in 2012 and 2013, when Leissner led the bank’s efforts in Southeast Asia. They earned $593 million, or 9% – many times the industry average for underwriting risky bonds.

Following an internal company probe, Goldman put Leissner on administrative leave in early 2016, but he resigned shortly after.

As Voltaire said: “When it is a question of money, everybody is of the same religion”.

After all, extravagant lifestyles cost a lot of money. If you don’t believe me, ask Kimora. Or Rosmah.

Introducing Toastmasters' Pathways. Starts May 29, 2017 in District 51:

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