6 days ago
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.
