Latest news with #JohariGhani
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
‘Lenient' Leissner jail term may send wrong message, says Johari
Johari Ghani, chairman of the 1MDB asset recovery task force, said Tim Leissner's sentence is too lenient given the scale and gravity of the crime. PETALING JAYA : The light two-year prison sentence given to former Goldman Sachs banker Tim Leissner for his role in the 1MDB scandal risks sending the wrong message to global financial institutions, says 1MDB asset recovery task force chairman Johari Ghani. He said institutions such as Goldman Sachs are entrusted with safeguarding the interests of sovereign nations. 'Yet, instead of preventing wrongdoing, they enabled the misconduct that left Malaysia to bear both financial and reputational damage,' Johari said. He said Leissner's sentencing 'was an opportunity to send a clear and strong global message that white-collar crime will be met with serious consequences. Unfortunately, that opportunity has been missed'. Leissner, a former Southeast Asia chairman for Goldman Sachs, pleaded guilty in 2018 to a conspiracy to violate the Foreign Corrupt Practices Act of the US, and participating in a money laundering conspiracy, all tied to his role in the 1MDB scandal. During his sentencing on Thursday, he said he sincerely apologised to Malaysians, saying he had lost his freedom, family and financial independence in the wake of the scandal. However, Johari said Leissner's light sentence, despite the offence carrying a potential maximum sentence of 25 years, is too lenient given the scale and gravity of the crime. 'Leissner was one of the masterminds in one of the world's most serious financial scandals, which resulted in the misappropriation of billions of dollars from 1MDB. 'He played a central role in facilitating this fraud, abusing both his position and the reputation of one of the world's most prominent financial institutions to carry out this scheme,' he said. Johari also pointed out that the Malaysian government still has an unresolved dispute with Goldman Sachs over the US$1.4 billion (RM6 billion) asset recovery guarantee arising from the settlement agreement signed in 2020. 'This matter is still under arbitration. (Leissner's light sentence) adds to the public's frustration and reinforces the perception that powerful individuals can escape with minimal consequences,' he said. Prime Minister Anwar Ibrahim demanded in November last year that Goldman Sachs honour its settlement with Putrajaya. Johari also said previously that a lack of clarity in the settlement agreement during the Muhyiddin Yassin administration had allowed the bank to evade the full extent of its responsibilities to Malaysia. He said the New York-based investment bank had taken advantage of ambiguities in the document to sidestep the asset recovery guarantee given to the government under the agreement.
Malaysiakini
4 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.
Free Malaysia Today
27-05-2025
- Business
- Free Malaysia Today
M'sia to showcase sustainable palm oil practices to EU delegation
Plantation and commodities minister Johari Ghani said 85% of smallholders are now MSPO-compliant. KOTA KINABALU : The plantation and commodities ministry will brief the European Union (EU) on Malaysia's sustainable palm oil practices during a planned visit by an EU delegation between September and October. Minister Johari Ghani said while the EU had recognised the Malaysian Sustainable Palm Oil (MSPO) certification, Malaysia wants full acceptance of its sustainability and traceability systems, reported The New Straits Times. 'I'm waiting for them to visit so they can see firsthand how we implement our practices,' he said after launching the Malaysian International Cocoa Fair in Kota Kinabalu today. This came in response to the EU's recent classification of Malaysia as a 'standard risk' country under its Deforestation Regulation. The Malaysian Palm Oil Association had warned that this could hurt smallholders, even those compliant with MSPO. Johari stressed the importance of adopting sustainable practices, especially for exporters. While large companies already control and certify their full supply chains, 85% of smallholders are now MSPO-compliant, he said. He also said Malaysia was moving towards climate-smart agriculture in the cocoa sector and had begun a low-carbon cocoa feasibility study. Johari reaffirmed Malaysia's commitment to net-zero emissions by 2050, a 30% reduction in methane emissions by 2030, and maintaining at least 50% of forest cover which currently stands at 54%. 'We've implemented a no-deforestation policy and must maximise the land we have. Sustainable farming will lead to higher yields and better prices for farmers,' he said. Malaysia remains among the world's top five cocoa grinders, processing 370,000 tonnes of cocoa beans annually. Cocoa exports rose 29%, from 530,000 tonnes in 2023 to 690,000 tonnes in 2024, valued at RM15 billion. To address global cocoa shortages and boost farmer income, the government, through the Malaysian Cocoa Board, is working to revitalise plantations. Cocoa bean output rose 65% to 445 tonnes in 2024. Johari said Malaysia was focusing on premium cocoa varieties such as fine-flavour, single-origin, and organic beans to meet the growing global demand for quality and health-conscious products. 'This will help position Malaysia at the high end of the global cocoa value chain,' he said.
Free Malaysia Today
02-05-2025
- Business
- Free Malaysia Today
We'll protect commodities in tariff talks, says Johari
Johari Ghani said Malaysia had a slight tariff advantage over Indonesia for palm oil exports, 'but this doesn't mean we can be complacent'. PETALING JAYA : Officials will make efforts to protect the country's commodities exports to the US, amounting to about RM20-RM21 billion, when tariff negotiations are held with the US, a federal minister said. Johari Ghani, the minister for plantation and commodities, said exports of palm oil products to the US, amounting to nearly RM4.9 billion, were significant and strategically valuable although the US is not the largest buyer, Bernama reported. Johari said Malaysia's largest export markets for palm oil currently are Europe, India, and China, which collectively account for over 40% of total palm oil exports. 'We also export rubber gloves (more than RM8 billion annually), wood products (RM6.5 billion) and cocoa (RM1.6 billion),' he told reporters. The minister noted that Malaysian palm oil products face a 10% tariff plus an additional 24% (currently suspended) compared to Indonesia, which faces an additional 32%. 'But this advantage doesn't mean we can be complacent,' he said. Malaysia has appointed senior trade official Mastura Ahmad Mustafa as its chief negotiator in the tariff talks with the US. The negotiations are expected to focus on tariff reduction and non-tariff barriers – especially in the agricultural sector – as well as addressing the current bilateral trade imbalance, which stands at US$25 billion.
Free Malaysia Today
28-04-2025
- Business
- Free Malaysia Today
Learn from Kampung Sungai Baru's issues in drafting URA, says Johari
The proposed Urban Renewal Act is intended to replace outdated laws and regulations related to the redevelopment of ageing urban areas. (Bernama pic) PETALING JAYA : The proposed Urban Renewal Act (URA) scheduled to be tabled in the Dewan Rakyat in June must take into account sensitivities, including the historical origins of residents' land, said Titiwangsa MP Johari Ghani. He said the redevelopment project at Kampung Sungai Baru, which remains stalled due to disputes raised by residents, should serve as a reference point for drafting and shaping the new legislation. Johari also said that developers seeking to carry out projects in Kampung Sungai Baru must exercise caution if they intend to use the Land Acquisition Act 1960 to compel residents to vacate their homes. 'The government must take heed of the issues that have arisen in Kampung Sungai Baru and use them as a basis for incorporation into any legislation, including the proposed URA,' he said. 'It is critical to consider sensitivities, such as which areas should be included, because land in Kuala Lumpur is finite. 'If we are to redevelop flats that are between 50 and 70 years old, then a specific act (URA) is necessary – but it must be deeply mindful of the land's historical roots to avoid mass evictions during redevelopment,' he added. Johari, the plantation and commodities minister, made these remarks during a Buletin TV3 podcast yesterday while discussing the issues surrounding Kampung Sungai Baru. He also emphasised the need for careful planning to ensure that residents enjoy long-term benefits, similar to how Kuala Lumpur City Hall has approached the redevelopment of dilapidated public housing projects. 'Redevelopment must be planned in a way that benefits the local community and their future generations. For example, when their children grow up and get married but cannot afford homes, redevelopment can provide additional units. 'They could continue living in the area, as the redevelopment – for instance, transforming a four-storey block into a 30-storey building – would create more housing units that could prioritise the original residents' families,' he said. According to Johari, this approach would allow children to live close to their parents, fostering a more sustainable and supportive community life. The proposed URA is intended to replace outdated laws and regulations related to the redevelopment of ageing urban areas.
