‘Billion Dollar Whale' co-author slams Tim Leissner's light jail sentence
Former Goldman Sachs banker Tim Leissner (left) at the US district court in New York yesterday for his sentencing hearing. (AFP pic)
PETALING JAYA : US-based journalist Tom Wright, who co-authored the 'Billion Dollar Whale', has criticised the two-year sentence handed down to a former Goldman Sachs banker for his role in the 1MDB scandal.
On X, Wright said the sentence 'is no justice'.
Earlier today, Tim Leissner, a former employee of the investment bank was sentenced to jail by a New York court.
Leissner, a former Southeast Asia chairman for Goldman Sachs, 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.
Wright said Leissner should have been sentenced for a longer period and suggested that his two-year sentence was in view of the cooperation he had given to get Roger Ng, another former Goldman Sachs banker 'sent to jail'.
'But that is punching down.'
Separately, in his weekly newsletter, 'Whale Hunting', Wright wondered if justice had been served as regards Goldman Sachs's role in helping steal billions of dollars.
'Not by a long shot.'
Goldman had helped sell US$6.5 billion of bonds for 1MDB, an investment arm set up by former prime minister Najib Razak, with the help of fugitive financier, Low Taek Jho or Jho Low, the central figure in Wright's book.
Leissner later became a US government witness in the case after his arrest in 2018 and testified against Ng.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
27 minutes ago
- Malay Mail
Ringgit opens higher against US dollar amid tariff policy concerns
KUALA LUMPUR, June 3 — The ringgit rebounded to open higher against the US dollar on Tuesday, as markets assessed the outlook for US President Donald Trump's tariff policy, an analyst said. At 8.03am, the local note rose to 4.2165/2490 against the greenback from Friday's close of 4.2530/2605. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the ringgit was supported by a weaker dollar, driven by renewed US-China trade tensions and concerns over possible new tariffs and taxes from Washington. He said the US Dollar Index (DXY) fell 0.11 per cent to 98.60 points from 99.00 at Friday's close, supporting other currencies as well. 'The comments from Beijing and Washington signal frustration over unmet trade commitments. 'Meanwhile, uncertainty surrounding Trump's proposed Section 899 'revenge tax' in the House-passed reconciliation bill and dovish expectations for the US Federal Reserve continue to weigh on the greenback,' he told Bernama. At the opening, the ringgit traded mixed against a basket of major currencies and ASEAN peers. It appreciated against the British pound to 5.7134/7574 from Friday's close of 5.7284/7385, but weakened versus the Japanese yen to 2.9567/9799 from 2.9531/9585, and slipped against the euro to 4.8270/8643 from 4.8169/8254. Against Asean currencies, the ringgit inched up against the Philippine peso to 7.57/7.63 from 7.62/7.64, but slipped versus the Singapore dollar to 3.2808/3066 from Friday's close of 3.2938/3002 and eased against the Indonesian rupiah to 259.4/261.5 from 260.4/261.1. — Bernama
Malay Mail
30 minutes ago
- Malay Mail
Vietnamese Agri Trade Mission to Iowa
Ministers witnessed MoU signing between Vietnamese and Iowa agribusinesses. IOWA, US - Media OutReach Newswire - 3 June 2025 - A delegation of the Ministry of Agriculture and Environment of Vietnam led by Minister Do Duc Duy began a trade mission to the United States, with the first stop being Iowa. Welcoming and working with the delegation, on the side of the Iowa Department of Agriculture were Secretary Mike Naig and Deputy Secretary Grant the meeting, Minister Do Duc Duy expressed his interests to lead a delegation consisting of Vietnamese government agencies, associations and agribusinesses to visit Iowa state, known as the "Heart of Agriculture" in the United States. With a long history of farming system, Iowa is the leading corn production in the United States, with total output of 50 million tons of corn per year. Besides, the state is also home to many other agricultural commodities such as soybean, wheat, pork and beef."Vietnam has become one of the world's leading agricultural exporters, contributing positively to global food security. We are constantly expanding our processing capacity, improving quality for sustainable agricultural development in Vietnam. Therefore, Vietnam and the United States can completely complement each other, jointly develop bilateral, stable and long-term agricultural supply chains," Minister Do Duc Duy the meeting, the two sides jointly recognized and assessed the current status of agricultural trade cooperation between Vietnam and Iowa, and shared information, needs and potentials for business cooperation between the two sides. The discussion opened a substantive direction, promoting the export of high-quality agricultural products from Iowa to the Vietnamese market and vice the delegation of 50 Vietnamese agribusinesses accompanying Minister Do Duc Duy to the United States this time is expected to sign MoUs to purchase over 2 billion USD of agrifood products from the United States. Particularly for the state of Iowa, businesses and associations of the two sides have signed 5 MOUs with a total value of about 800 million USD over 3 years. Those are significant deals compared to 44 million USD of agricultural exports from Iowa to Vietnam in Vietnam's Khai Anh Binh Thuan Company signed an MoU to import one million tons of soybean meal, valued at approximately $380–390 million, from its partner Ag Processing Inc (AGP). The company also committed to purchasing 900,000 tons of corn and wheat from United Grain, valued at around $250 Nhat Nutrition Technology Company signed a contract with POET Group to import 100,000 tons of DDGS and 100,000 tons of soybean meal, with a total value estimated at 60–70 million partnership between the two countries also expanded through an MoU between the Department of Livestock Production and Animal Health (under Vietnam's Ministry of Agriculture and Environment) and the Iowa Pork Producers Association (IPPA). Under this agreement, both sides committed to strengthening trade ties and promoting collaboration between Vietnamese and Iowa pork industry by organizing technical seminars, market promotion and trade addition, the meeting provided opportunities for many other Vietnamese and US businesses to connect, opening new avenues to enhance trade relations and strengthen the Vietnam–US agricultural supply chain linkages. These connections are expected to accelerate the transfer of advanced U.S. technologies to Vietnamese agribusinesses, paving the way toward green, smart, and sustainable agricultural development in Do Duc Duy expressed his confidence that today's event marks the beginning of a new phase of deeper and more effective cooperation between the Vietnamese business community and the state of Iowa. He emphasized that the outcome reflects the shared goodwill of both sides to advance the comprehensive strategic partnership between Vietnam and the United #MAE The issuer is solely responsible for the content of this announcement.
Malay Mail
30 minutes ago
- Malay Mail
From La Liga to Harimau Malaya: Argentina's Facundo Garcés joins national squad
KUALA LUMPUR, June 3 — Deportivo Alavés centre-back Facundo Garcés was yesterday announced as the latest addition to the national football squad under head coach Peter Cklamovski. The Football Association of Malaysia (FAM), in a statement, said the 25-year-old player is expected to bring quality, experience and strong leadership to a team working to strengthen itself and become the squad that Malaysians aspire to see. 'Having played in Argentina's top-tier league and recently completed a season with Deportivo Alavés in La Liga, Garcés has fulfilled all registration and eligibility requirements, and is now available for selection by Cklamovski. 'He is a player of great character, a composed defender, and one who brings strong personality and vast experience. He is extremely passionate about representing Malaysia and making the country proud,' the statement said. Garcés also expressed his excitement at representing Malaysia. 'Being part of this national team is an incredible honour. Since arriving, I've felt the warmth, sense of family and genuine support from everyone. 'If this is just the beginning, I can only imagine how amazing it will be when the whole country and its fans stand behind us. I'm ready to give my all for Malaysia,' he said. According to the statement, Garcés has joined the national team's training camp during the current Fifa window and will be eligible for selection in the 2027 Asian Cup Qualifier against Vietnam on June 10. — Bernama
