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The Star
3 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.
South China Morning Post
30-03-2025
- Business
- South China Morning Post
Chasing Jho Low: blockchain bounty breathes new life into hunt for Malaysia's 1MDB fugitive
Jho Low , the flamboyant financier behind one of the world's largest financial scandals, vanished years ago, leaving behind a trail of opulence, deceit and unanswered questions. But two journalists are determined to bring his shadowy story back into the light – with a satirical website, a memecoin and some blockchain bounties. Advertisement Low, accused of orchestrating Malaysia 's multibillion-dollar 1MDB scandal , once partied with Hollywood elites and brokered billion-dollar deals, but has since become a virtual ghost. Tom Wright and Bradley Hope, the duo behind the bestselling 2018 expose Billion Dollar Whale, are determined to turn the world's eyes back on him. Their website, offers cryptocurrency rewards for credible tips on Low's whereabouts – or any new information about the billions that were plundered from Malaysia's former state investment fund. A photo shared on social media advertising the $JHOLOW memecoin. Photo: X/whereisjho 'The bounty isn't just for Jho Low's location,' Hope told This Week in Asia. 'We're looking for anything – from where the money went to unreleased documents, photos, or phone recordings. There are still huge gaps in the 1MDB story.' To incentivise whistle-blowers, the pair are using $JHOLOW, a newly created memecoin adopted as a reward mechanism. While many memecoins are seen as internet jokes at best or scams at worst, Wright and Hope are treating $JHOLOW as a serious tool for uncovering the truth. 'What if a memecoin actually had a purpose?' Hope asked. 'We're not telling people to invest their savings. It's more like a game, a kind of maverick spectator sport with real-world stakes.' Multibillion-dollar scandal The 1MDB scandal exploded onto the world stage as one of the largest kleptocracy cases in history. What was supposed to be a government initiative to drive Malaysia's economic development became a slush fund for corruption and money laundering.
