Hong Kong’s securities regulator has banned a former Goldman Sachs banker from working in the city's finance industry for life in connection with his involvement in the 1Malaysia Development Berhad (1MDB) corruption scandal.

Tim Leissner, former banker with Goldman Sachs (Asia) LLC, pleaded guilty in August 2018 to criminal charges brought by the United States Department of Justice against him for conspiring to commit money laundering and to violate the Foreign Corrupt Practices Act, the Hong Kong Securities and Futures Commission said in a statement on Wednesday.

Leissner admitted to bribing government officials in Malaysia and Abu Dhabi in order to gain and retain 1MDB’s business for Goldman Sachs, embezzling funds from 1MDB, and money laundering, the statement said. He demonstrated “a serious lack of honesty and integrity,” it said.

1MDB is an insolvent state fund owned by Malaysia’s government, which claimed to have founded the fund to forge global partnerships and promote foreign direct investment. Former Malaysian Prime Minister Najib Razak faces criminal charges related to losses at the fund, and has pleaded not guilty.

Contact reporter Liu Jiefei (jiefeiliu@caixin.com)