Ex-Goldman banker Leissner sentenced to two years in prison in 1MDB case
Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after playing a key role in a multi-billion dollar scandal involving Malaysia's sovereign fund 1MDB.
Malaysian and US authorities estimated $4.5bn (R80.38bn) was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian prime minister Najib Razak, Goldman executives and others.
Leissner, a former Southeast Asia chair for Goldman, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal.
Leissner's conduct was 'brazen and audacious', judge Margo Brodie said during sentencing. While his co-operation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said.
'First and foremost, I offer my sincere apology to the people of Malaysia,' Leissner, 55, told the hearing, his voice breaking when he read a statement. 'I deeply regret my actions.'
Goldman helped sell $6.5bn (R116bn) of bonds for 1MDB, which Najib set up with the help of Malaysian financier Jho Low to promote economic development. Some funds were diverted to offshore bank accounts and shell companies linked to Low, who is now a fugitive.
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TimesLIVE
4 days ago
- TimesLIVE
Ex-Goldman banker Leissner sentenced to two years in prison in 1MDB case
Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after playing a key role in a multi-billion dollar scandal involving Malaysia's sovereign fund 1MDB. Malaysian and US authorities estimated $4.5bn (R80.38bn) was stolen from 1MDB in an elaborate scheme that spanned the globe and implicated high-level officials in the fund, former Malaysian prime minister Najib Razak, Goldman executives and others. Leissner, a former Southeast Asia chair for Goldman, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal. Leissner's conduct was 'brazen and audacious', judge Margo Brodie said during sentencing. While his co-operation with the government was taken into account, it did not make up for the harm caused by the corruption at the highest levels in several countries, the judge said. 'First and foremost, I offer my sincere apology to the people of Malaysia,' Leissner, 55, told the hearing, his voice breaking when he read a statement. 'I deeply regret my actions.' Goldman helped sell $6.5bn (R116bn) of bonds for 1MDB, which Najib set up with the help of Malaysian financier Jho Low to promote economic development. Some funds were diverted to offshore bank accounts and shell companies linked to Low, who is now a fugitive.
IOL News
20-05-2025
- IOL News
BRICS+ Series: Malaysia and Vietnam to Deepen Tourism Ties
Malaysia's tourism industry is experiencing a resurgence in the post-COVID era, primarily fueled by regional tourist demand and a burgeoning medical tourism sector. As a BRICS+ partner country, Malaysia is actively seeking to tap into new markets, exemplified by its recent tourism collaboration with Vietnam. This strategic partnership not only serves to bolster the tourism sectors of both nations but also advances the broader BRICS+ agenda of South-South cooperation. Tourism as a pillar of the Malaysian Economy Malaysia has been a booming tourist location in Southeast Asia for many years. Tourism ranks amongst the top sectors of the country, coming after manufacturing and commodities. Along with the rest of the world, the tourism sector suffered gravely as a result of the COVID-19 outbreak. Since then, Malaysia has made significant progress in boosting both domestic and international tourist arrivals. It is expected that the growth of the sector will continue to rise driven by ongoing consumer confidence and growing travel demands. As the sector expands, it positively contributes to the country's economic development for foreign reserves and for the rising tourism expenditure. Malaysia's BRICS+ Momentum Malaysia's entry into BRICS+ as a partner country, opens new opportunities, including enhanced trade, diversified foreign direct investment (FDI), and stronger international influence benefiting the country's economic portfolio. Kuala Lumpur has a greater platform in the international arena on partaking in global issues and therefore the country can have more influence and South-South cooperation to name a few. Malaysia widening its relationships with fellow global South countries strengthens the network of countries to foster mutual growth and development, and most importantly, legitimises the fight against hegemonic rhetoric which only benefits the minority of the globe. Regional Tourism Trends There has been an outstanding improvement by the government regarding industry. Between January to December 2024 the visitor arrivals increased by 8.3% reaching 37 961 485 compared to 2019. From these statistics, the top visiting arrivals into Malaysia were Singapore, Indonesia, China, Thailand, Brunei and India. The most notable growth of tourists in 2023/2024 from these countries was China with an increase of 130.9%, Brunei the second highest with 55.2% growth and third being Singapore with a growth rate of 27.2%. There is notable BRICS+ representation in these countries with three being BRICS members and Thailand being a BRICS+ partner country. Malaysia's impressive growth in the tourism sector is unsurprising given its diverse offerings. The country boasts a rich cultural tapestry, evident in its cuisine, traditions, and festivals, influenced by its indigenous, Malay, Chinese, and Indian populations. Its natural beauty, from tropical islands to rainforests, is breathtaking. Modern and sustainable infrastructure ensures efficient transportation, and iconic landmarks like the Petronas Twin Towers — once the world's tallest buildings and currently the tallest twin structures — add to the allure. Malaysia is a haven for food and luxury enthusiasts, balancing deep-rooted cultural experiences with street food adventures and opulent indulgence. The country's medical tourism sector is also rapidly growing, attracting visitors with its affordable, high-quality healthcare, specialising in cardiology, fertility treatments, dentistry, and health screening, including wellness packages. Medical Tourism Appeal Malaysia has become a popular medical hub for patients from neighboring countries due to several factors. Citizens from Indonesia, Myanmar, Cambodia, the Philippines, and Vietnam often travel to Malaysia for specialised care and treatments that may not be available or are too expensive in their home countries. Even citizens from Singapore, which boasts world-class healthcare, seek more affordable dental and cosmetic treatments in Malaysia. Additionally, patients from Middle Eastern Gulf countries are drawn to Kuala Lumpur for Muslim-friendly services and Halal medical practices. Malaysia's popularity is attributed to its proximity to neighboring countries with convenient flight times, cultural and religious familiarity, and medical packages tailored to ASEAN (Association of Southeast Asian Nations) and Middle Eastern patients. Partnerships with foreign governments and insurance providers and a growing middle class in many Southeast Asian countries have further contributed to Malaysia's appeal as a medical tourism destination. Strengthening Malaysia–Vietnam Ties Recent bilateral developments initiated by BestPrice Travel, a Vietnamese travel company, and Malaysia are in the process of signing a Memorandum of Understanding (MOU) to boost tourism in both countries. The collaboration aims to increase Vietnamese tourists' confidence in Malaysia and promote Malaysian tourism to the Vietnamese market. This initiative is further supported by ministerial-level engagements between Malaysia and Vietnam, focusing on joint promotional campaigns for sustainable tourism growth and facilitating investment connections between the two nations. This is a great opportunity and achievement for South-South cooperation because it deepens the relationship and is perfectly aligned to the founding pillars of BRICS of culture and people-to-people exchanges by fostering mutual understanding and strengthening ties through cultural, academic and business exchanges. This cultural collaboration complements the broader economic and financial cooperation discussed earlier. The growing Malaysia–Vietnam tourism ties serve as an example of the potential within BRICS+ bloc for regional integration, cultural diplomacy, and economic collaboration. As more countries in the Global South explore bilateral opportunities like this, BRICS+ gains credibility as a bloc driven by mutual development rather than great-power competition. Written By: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Banthati Sekwala Associate at BRICS+ Consulting Group Egyptian & South African Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL. ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on Twitter for daily BRICS+ updates
The Citizen
07-05-2025
- The Citizen
Proton responds to leave claims: ‘we are not exiting South Africa'
Despite the imminent return of its parent company Geely, the lion brand, through CMH, will not be leaving local soil for a second time. Proton has made it clear that it won't be leaving South Africa for a second time soon. Image: Proton Its future in South Africa having been in doubt ever since its high profile return three years ago, Proton importer, Combined Motor Holdings (CMH), has it back at claims this week of the Chinese-owned Malaysian brand ceasing operations due to faltering offset. Struggling Relaunched with the X50 and X70 SUVs, before the addition of the Saga entry-level sedan and flagship X90 SUV, Geely-owned Proton has struggled to a find footing in the local market with its first full year of reported sales in 2024 yielding an offset of 888 units. ALSO READ: Proton X90 helps Malaysian carmaker stand out from the crowd According to the latest sales figures by the National Association of Automobile Manufacturers of South Africa (Naamsa), 226 Protons have so far departed from dealership floors throughout the first four months of 2025, which alluded to a possible withdrawal before year-end. Geely returning Heightening matters further is the imminent return of Geely itself to South Africa, whose products, aside from the Saga, provide the base for the majority of Proton's current range. Proton parent company, Geely, will return to South Africa before the end of 2025. Image: This includes the X50 being a rebadged version of the Geely Binyue, the X70 being based on the Boyue and the X90 derived from the Geely Haoyue. Bold claims At the time of the brand's relaunch, CMH CEO, Jebb McIntosh, said, 'luxury brands have become so unaffordable for the majority of South Africans. The purchase of the stake by Geely has transformed Proton. Now pre-facelift X70 was one of the first Geely models to receive Proton badging. Image: Proton 'When the brand became available, we jumped at the opportunity for several reasons, but mostly, we saw a gap in the market for a quality SUV within an affordable price bracket'. At the same event, Proton South Africa Managing Director, Greg Snodgrass, said the brand would be aiming at comparative Volkswagen and Mazda products rather than Chery and Great Wall Motors (GWM) Haval based on the tagline of 'affordable luxury'. 'Proton is staying' Earlier this week, an obtained annual report by CMH alleged that the importation of distribution of Proton products had become difficult and that a decision on the brand's future would likely to be made before year-end once current inventory runs out. Saga currently serves as Proton's only sedan and overall entry-level model in South Africa. Image: Proton Since January, numerous attempts by The Citizen seeking clarity on Proton's local operations have fallen on deaf ears, the most recent in February going unheard. In a statement on Wednesday (7 May), the automaker said the claims of its departure are unproven and that the annual report about the supposed sales difficulty 'was strictly in relation to stock liquidation of ageing inventory in a very difficult and competitive market— a standard industry practice to prepare for the arrival of exciting new models'. X90 currently tops Proton's local product range. Image: 'Proton is not exiting the South African market. Proton is strengthening its home market presence by preparing to launch new-generation vehicles, including compact sedans, hatchbacks, and competitive B-segment SUVs with internal combustion and hybrid powertrains,' the statement concluded. More soon At stands, no further details about the mentioned new products are unknown, however, with apparent assurance now been given in spite of the pending arrival from Geely, expect more to be revealed within the coming months. NOW READ: Proton pair passes test, but has bigger things to worry about
