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The Star
2 days ago
- Business
- The Star
Outrage over Leissner's ‘inadequate' sentence in 1MDB case
PETALING JAYA: Widespread criticism has emerged over the two-year sentence imposed on former Goldman Sachs banker Tim Leissner for his role in the 1MDB scandal, with many arguing it fails to reflect the gravity of the crime. Malaysian Bar president Mohamad Ezri Abdul Wahab described the punishment as inadequate and warned of its broader implications for justice and deterrence. He said while the Bar respects the independence of the US judiciary and acknowledges the court's characterisation of Leissner's actions as 'brazen and audacious,' many Malaysians reasonably view the sentence as insufficient given the scale of the wrongdoing. 'An apology cannot undo the damage. Justice in cases of this magnitude must reflect not only accountability but also deterrence. 'Lenient outcomes risk eroding public confidence and failing to prevent future abuses of financial systems,' he said when contacted yesterday. Leissner, formerly Goldman Sachs' South-East Asia chairman, had pleaded guilty in 2018 to conspiring to violate the US Foreign Corrupt Practices Act and participating in a money laundering scheme. He later cooperated with US prosecutors, becoming a key witness in the conviction of his former colleague Roger Ng. Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. Ng, the former head of investment banking for Goldman in Malaysia, was convicted in Brooklyn and sentenced to 10 years in prison, but had been brought here in 2023 to assist in investigations. Too short: Mohamad Ezri (left) and Johari were among those who expressed their disappointment. US-based journalist Tom Wright, who co-authored Billion Dollar Whale detailing the 1MDB saga, also criticised the sentence. In a post on X, Wright said the outcome 'is no justice' and argued that Leissner's cooperation in Ng's prosecution did not justify such a lenient term. 'That is punching down,' he wrote. In his newsletter Whale Hunting, Wright questioned whether justice had truly been served, especially in relation to Goldman Sachs' role in raising US$6.5bil in bonds for 1MDB, a fund set up by ex- Prime Minister Datuk Seri Najib Razak, with the help of fugitive financier Jho Low. 'Not by a long shot,' Wright remarked. Echoing similar concerns, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, who chairs Malaysia's 1MDB asset recovery task force, described the sentence as 'too short.' Speaking to Reuters, he said: 'Considering he is one of the masterminds facilitating the 1MDB scandal, he should be given the maximum jail sentence.' Centre to Combat Corruption and Cronyism (C4) founding director Cynthia Gabriel also weighed in, describing the two-year sentence as 'a light slap on the wrist' that does not match the gravity of the financial crimes committed. Gabriel stressed that the scale of theft and money laundering, involving a leading financial institution like Goldman Sachs must not be taken lightly. The 1MDB scandal, which saw billions siphoned from the Malaysian sovereign wealth fund, triggered investigations across several jurisdictions and remains one of the largest financial scandals in global history.
The Star
2 days ago
- Politics
- The Star
Asean News Headlines at 10pm on Friday (May 30, 2025)
Malaysia: * I've planned my next steps but will reveal them later, says Rafizi * Malaysia elected president of UN-Habitat Assembly for 2025-2029 term * Celebration of Kaamatan, Gawai festivals reflect country's diverse culture and heritage, says PM Anwar * I'm not the kind of PM who orders arrests like a dictator, Anwar says of Sabah mining scandal claims * Home Minister's WhatsApp account hacked using foreign VPN, say cops * Malaysia fully backs Tokyo Statement 2025 ahead of unveiling * Bank Negara: Malaysia's headline inflation unchanged at 1.4% in April * MBI scam: Tan Sri among three more arrested, RM500mil in luxury assets frozen * Religious school teacher in Jasin claims trial for sexually assaulting male student * Public varsity admission offers for SPM holders to be announced on June 16 * Mature democracy cannot exist without free, fair and fearless journalism, says Ramanan * Ex-Goldman banker Leissner gets two years in 1MDB fraud case * PM not seeking immunity, says Anwar's political secretary * Ex-Goldman banker Leissner apologises to Malaysians after being sentenced to two years in prison in 1MDB case * 'No regrets': Man United winger Amad explains obscene gesture to Malaysian fans during friendly match in Bukit Jalil * Malaysia Airlines debuts special Manchester United livery during 2025 Asia post-season tour * 'Where is the monkey?': Peka demands accountability and answers over Shah Alam animal abuse case * Hannah Yeoh wins defamation suit, Kamarul Zaman ordered to pay RM400,000 in damages US Secretary of Defense Pete Hegseth (left) shakes hands with Philippines' Secretary of National Defense Gilberto Teodoro (R) before a bilateral meeting on the sidelines of the Shangri-La Dialogue Summit in Singapore on Friday, May 30, 2025. -- Photo by MOHD RASFAN / AFP Singapore: * Singapore and France to expand defence ties, cooperate on nuclear energy in upgraded relationship * Malaysian PM Anwar to deliver special address at Shangri-La Dialogue in Singapore * Macron will kick off Singapore security conference with Hegseth in attendance * Israel may be in breach of international law by restricting aid to Gaza, says Singapore PM Wong * Almost 50 countries to attend 22nd Shangri-La Dialogue in Singapore * Singapore arrests 44 for suspected prostitution, gambling activities in Geylang * 'Johor too long known as just Singapore's neighbour'- More effort needed to make state a primary tourism destination * Stocks slip, dollar sags as Trump tariffs remain after latest courtroom twist / Stocks drop on tariff whiplash, futures decline * Badminton: World No. 1 pair Sze Fei-Izzuddin bow out in quarter-finals of Singapore Open / Badminton: Pearly Tan-Thinaah run out of steam again in second straight loss to Chinese pair Indonesia: * Macron urges Asia and Europe to unite to resist 'spheres of coercion' * Indonesia calls in Singapore oil traders over Pertamina probe * Rock collapse at Indonesia quarry kills at least five with dozens trapped, Kompas TV reports * Indonesian Manpower Ministry bans age restrictions in job postings * Indonesia-France: Macron decorates Prabowo, affirms culture links * Oil set for second weekly decline as market eyes another OPEC+ output hike ERIN, WISCONSIN: Patty Tavatanakit of Thailand chips onto the fifth green during the first round of the US Women's Open presented by Ally 2025 at Erin Hills Golf Course in Erin, Wisconsin. -- Photo:/AFP Thailand: * Ex-Thai DPM: Myanmar must end conflict or face humanitarian crisis * Malaysia-Thailand collaboration in agriculture set for major expansion * Thai poultry industry poised for growth on Brazil bird flu, lower feed costs * Chinese lidar maker Hesai zeroes in on South-East Asia for first overseas plant * South-East Asian trafficked cyber victims freed but far from home * Thailand to issue statement to resolve clash point in Chong Bok area Philippines: * Woman who crawled out of drain in the Philippines found, as a nation grapples with homelessness * Marcos admin wants seven bills enacted before new Congress starts * US sanctions Philippines digital infrastructure provider linked to virtual currency scams * Filipino actor Alden Richards reveals battle with depression in 2024 * Ex-Filipino congressman accused of murders to be deported A woman prepares flowers at a local street market, in Hanoi, Vietnam. -- REUTERS/Chalinee Thirasupa Vietnam: * Malaysian PM Anwar highlights Vietnam's key role in Asean * Work on US$1 bil Trump Tower in Vietnam could start next year, source says * Proposal to give State Bank in Vietnam special lending authority * Vietnam stresses coordination in marine economy * Hanoi pulls The Economist printed issue with top leader on cover Myanmar: * Myanmar earthquake kills 3,739, injures 5,104 as of May 28 * Bangladesh recalls ambassador from Myanmar * Myanmar Football -- Maung Maung's fame mounts after his goal seals dream victory * Global crises disrupt effort to get millions to quit smoking, report says Balinese women perform a traditional dance at Art Center Denpasar on Indonesia's resort island of Bali on Friday, May 30, 2025. -- Photo by SONNY TUMBELAKA / AFP Cambodia: * Shattering glass sandbags: Meet the first Cambodian women UN commander in Lebanon * Cambodian American chefs are finding success and raising their culture's profile. On their terms * Cambodia will retain military presence at scene of armed clash * Japanese held in Cambodia scam raids - govt going hard on fraud centres Laos: * 'They must be protected': Lao PM pledges to safeguard children's rights * Illegal surrogacy in Laos punishable by up to 19 years in jail, govt warns as cases reported * Laos strengthens efforts to attract Chinese tourists Brunei: * Brunei's international exhibition fare returns to attract foreign visitors * Tourism drive promotes scenic charm, serenity of Brunei France's President Emmanuel Macron gives the keynote address at the Shangri-La Dialogue Summit in Singapore on Friday, May 30, 2025. -- Photo by Ludovic MARIN / AFP AseanPlus: * Badminton: Aaron-Wooi Yik edge past Wei Chong-Kai Wun to reach Singapore Open semis * Malaysia's international reserves assets at US$118.70bil as of end-April * Cops raid drug lab in Brickfields making narcotic vapes, nab two Taiwanese chemists * Oil tankers going dark off Malaysia as Iran trade draws scrutiny * Political parties from China and neighbouring nations pledge closer cooperation * YouTube's top star 'Baby Shark' creator Pinkfong applies for IPO in South Korea * HK stars Eric Tsang, Chin Ka-lok & more to hold concert in Genting Highlands on July 19 * Nearly one in four ballots already cast as early voting in South Korea breaks turnout records * War of the words: Why top US diplomat Rubio is lost in China's translations * China plans to arm Tiangong space station with self-defence bots: scientist * China's Tianwen-2 lifts off on mission to bring asteroid samples back to Earth * Chinese paraglider reaches near-record heights, over 8,500m, by accident * China's new tech for quieter subs could revolutionise underwater stealth: study * US to pause student visa interviews ahead of new social media vetting: reports * Rolls-Royce to operate new aero engine facility in Beijing * China establishes global mediation body in Hong Kong * Korean eatery boss wows diners, balances table full of dishes on head while serving * US to start 'aggressively' revoking visas for Chinese students, Rubio says * South Korea goes o the polls - Early voting starts for election triggered by martial law * Second group of Hong Kong democrats freed after four years in jail * 'Solo Leveling' emerges as biggest winner at anime awards in Tokyo * Japan to create digital archive of manga, anime and games * Can Hong Kong's Cathay compete against rivals dishing out hefty bonuses? * Jackie Chan's 42YO son makes rare public appearance at wedding in South Korea * Trump aims to exceed first term weapons sales to Taiwan, officials say * New president, new hopes for calm at South Korean village near DMZ * Firefighters put out Hong Kong warehouse blaze that raged for over 20 hours * TVB actor Ruco Chan unfazed by 'seven-year itch' with wife Phoebe Sin * Nagasaki bomb survivor claws at traces of history * Can Hong Kong's Cathay compete against rivals dishing out hefty bonuses? * Indian Navy will lead New Delhi's response to any future Pakistani aggression, minister says * Death penalty for saying 'oppa'?: North Korea strengthens law to curb 'anti-socialist culture' in the South * Japan'sfavourite ex-princess, Mako Komuro, has given birth to her first Child, says Imperial Household Agency * North Korea enabled Russian attacks on Ukraine civilian infrastructure, says UN monitoring group * Taco trade? US leader challenges claim that 'Trump always chickens out' in talks * Cricket - Kohli closer to maiden IPL title as Bengaluru storm into final * Motor racing - Hamilton says talk of friction with engineer "all noise"
Yahoo
2 days ago
- Business
- Yahoo
BP Appoints Former Devon Energy Chief David Hager as Nonexecutive Director
BP has appointed the former chief executive of U.S energy company Devon Energy, David Hager, as a nonexecutive director at a time when it is seeking to more than double its production of oil and gas in the U.S. by the end of the decade. The British energy company said Friday that Hager brings a deep knowledge of the U.S. upstream oil-and-gas industry. His appointment will be effective from Monday. The Billionaire Odd Couple Whose Hedge Fund Is Killing It Meta Fired Palmer Luckey. Now, They're Teaming Up on a Defense Contract. Out of DOGE, Elon Musk Returns to His Bruised Business Empire How a Small Wine Importer Took On Trump's Tariffs Ben & Jerry's Calls Gaza Conflict a Genocide, Putting Unilever in a Tough Spot BP is cutting spending on low-carbon investments and pivoting back toward hydrocarbon production. In late April, Chief Executive Murray Auchincloss said the company plans to grow U.S. production to more than one million barrels a day by 2030 from 650,000. BP's strategic reset comes as Elliott Investment Management has taken a roughly 5% interest in the business, and pressure is on management to cut debt and grow shareholder value. In April, the company said a senior executive in charge of cleaner energy investments would leave the company and won't be replaced. Hager has served as the chief executive of Devon Energy, and has lead its exploration and production division, BP said. Write to Adam Whittaker at Trump Tells Powell He Is Making a Mistake by Not Cutting Interest Rates Big Tax Breaks for Health Savings Accounts Get Even Better in the GOP Bill Ex-Goldman Banker Sentenced to Two Years in 1MDB Bribery Scandal Exodus of Staff Adds to FAA's Challenges Newark Airfares Will Be a Steal This Summer, United CEO Says Sign in to access your portfolio
Malaysiakini
2 days ago
- Business
- Malaysiakini
Two years too light, Johari says on Leissner's 1MDB sentence
Former Goldman Sachs banker Tim Leissner being hit with a mere two years' imprisonment might send the wrong message to global financial institutions, 1MDB asset recovery task force chairperson Johari Ghani said. He said that Leissner's sentence was too lenient considering the scale and gravity of the role he played in the 1MDB scandal.
NBC News
2 days ago
- Business
- NBC News
Ex-Goldman Sachs banker gets 2 years in prison for plot to fleece billions from Malaysia's 1MDB fund
NEW YORK — A former Goldman Sachs banker was sentenced Thursday to two years in federal prison for his role in a $4.5 billion scheme to ransack a Malaysian state investment fund. Tim Leissner, at his sentencing in Brooklyn federal court, apologized to the people of Malaysia, who he called the 'real victims' of the scheme. 'The funds raised more than a decade ago could have profoundly benefited the nation and its citizens,' he said in a statement read in court and provided by his lawyers. 'Instead, due to my greed — and the greed of those involved alongside me — they were misappropriated.' Prosecutors said Leissner and other Goldman Sachs bankers helped the Malaysian investment fund known as 1MDB, or the 1Malaysia Development Berhad state fund, raise $6.5 billion through bond sales. But they say more than $4.5 billion of the funds were stolen and laundered through bribes and kickbacks. The spoils bankrolled extravagant purchases, from wild parties to lavish spending on jewels, art, a superyacht and luxury real estate, prosecutors have said. They also helped finance the 2013 Martin Scorsese film 'The Wolf of Wall Street' that starred Leonardo DiCaprio. The scandal led to the fall of Malaysian Prime Minister Najib Razak's government in 2018. Najib was later convicted by a Malaysian court of abuse of power and other crimes related to the scandal and sentenced to 12 years in prison. 'What we did was unequivocally wrong, and I take full responsibility for my role,' Leissner said Thursday. 'I deeply regret my actions, and if I could turn back time, I would undo them without hesitation.' Leissner had pleaded guilty in 2018 to bribing government officials in Malaysia and Abu Dhabi. He served as a key government witness in the trial of Roger Ng, a fellow former Goldman Sachs banker who was sentenced in 2023 to 10 years in federal prison. Ng's lawyers described the looting of 1MDB as 'perhaps the single largest heist in the history of the world,' but maintained that prosecutors scapegoated him for crimes committed by others, including the higher-ranking Leissner. Prosecutors declined to comment on Thursday's sentence. They had not sought a specific prison term in filings ahead of sentencing while lawyers for Leissner had sought a sentence of time already served. Leissner is due to report to prison Sept. 15 and his lawyers have requested that he be sent to the federal prison in Otisville, New York, according to the prosecutors. Henry Mazurek, Leissner's lawyer, said his client is prepared to serve his sentence. It includes two years of supervised release after prison and a forfeiture totaling $43.7 million, which already has been paid to Malaysia, he said. 'Mr. Leissner cooperated not only to obtain leniency at sentencing, but to show his true remorse for his actions and tell the full story of 1MDB and Goldman Sachs,' Mazurek said in an email. 'He did that and will continue to tell all who will listen about the poisonous culture at Goldman that inspired the 1MDB scheme.'
