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Daily Express
30-05-2025
- Business
- Daily Express
Ex-Goldman banker Tim Leissner jailed two years for role in 1MDB scandal
Published on: Friday, May 30, 2025 Published on: Fri, May 30, 2025 By: Reuters Text Size: Former Goldman Sachs chief of South-east Asia operations, Timothy Leissner, arrives at US District Court Eastern District of New York for his sentencing, in New York on May 29, 2025. — AFP pic NEW YORK: Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison on Thursday for his role in the massive 1MDB corruption scandal, which saw billions of dollars siphoned from Malaysia's sovereign wealth fund. Leissner, 55, who once served as Goldman's Southeast Asia chairman, pleaded guilty in 2018 to conspiring to violate the Foreign Corrupt Practices Act and laundering money tied to the scheme. During the sentencing in a Brooklyn federal court, US District Judge Margo Brodie described his actions as 'brazen and audacious,' adding that the damage caused by the scandal extended across borders and affected public trust. While Leissner cooperated extensively with prosecutors and becoming a star witness against his former colleague Roger Ng, Judge Brodie said his assistance did not erase the harm he helped inflict. 'First and foremost, I offer my sincere apology to the people of Malaysia,' Leissner told the court with visible emotion. 'I deeply regret my actions.' Authorities from both Malaysia and the United States estimate that US$4.5 billion (RM19.3 billion) was misappropriated from 1Malaysia Development Berhad (1MDB), a fund originally set up to drive Malaysia's economic development under former prime minister Datuk Seri Najib Razak. Advertisement Instead, much of the money was embezzled through a web of transactions involving shell companies and offshore accounts, allegedly orchestrated by Malaysian financier Jho Low, who remains a fugitive. Leissner played a central role in helping Goldman Sachs raise US$6.5 billion in bonds for 1MDB. He later admitted to fabricating documents and misleading compliance officials to get deals approved. After his arrest in 2018, he agreed to cooperate with US prosecutors, meeting with them dozens of times and providing extensive information and testimony. His cooperation contributed to the conviction of Roger Ng, Goldman's former head of investment banking in Malaysia, who was sentenced to 10 years in prison before being transferred to Malaysia to assist in further investigations. Despite his collaboration, Leissner said the fallout from the scandal left him broken. 'I lost my freedom, my family, and my financial independence. My health also deteriorated. I took pills and even lost the will to live,' he said in court. Goldman Sachs distanced itself from Leissner, telling the court in a letter that he had 'repeatedly deceived' colleagues and that his actions led to the only criminal case ever filed against the bank in its 156-year history. In 2020, Goldman paid a record US$2.9 billion fine and had its Malaysian subsidiary plead guilty in US court. The bank also clawed back US$174 million in executive compensation. Najib Razak was convicted in 2020 for receiving misappropriated funds from a 1MDB-linked unit and was sentenced to 12 years in prison. Malaysia's top court upheld the ruling in 2022. His sentence was later reduced to six years by a royal pardon, and he is now seeking to serve the remainder under house arrest. Leissner's lawyer, Henry Mazurek, said his client accepts the sentence and intends to focus on rebuilding his life. 'Mr. Leissner is prepared to serve his sentence and continue his future life of good works and care for his family,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Borneo Post
30-04-2025
- Business
- Borneo Post
Sarawak's Hartanah Kenyalang eyes RM19.3 mln from ACE Market IPO
KUCHING (April 30): Building and infrastructure construction centric company, Hartanah Kenyalang Berhad (Hartanah Kenyalang) today unveiled the prospectus for its initial public offering (IPO) in conjunction with the company's listing of its entire enlarged issued share capital of 620 million ordinary shares on the ACE Market of Bursa Securities, scheduled for June 9, 2025. Hartanah Kenyalang's IPO entails the public offering of 198.4 million ordinary shares comprising a public issue of 120.9 million new shares and an offer for sale of 77.5 million existing shares which collectively represent 32 per cent of the Company's enlarged issued share capital of 620.0 million ordinary shares. Of the 120.9 million new shares, 31.0 million new shares will be made available for application by the Malaysian public, and 18.6 million new shares will be made available for application by eligible directors and employees of the Group, and persons who have contributed to the success of the Group. The remaining 71.3 million new shares will be allocated for private placement to selected investors. There is also an offer for sale of 77.5 million existing shares which will be allocated for private placement to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry. Based on the IPO price of RM0.16 per share, the IPO exercise is expected to raise RM19.3 million for Hartanah Kenyalang. Sarawak Deputy Premier, Datuk Amar Douglas Uggah Embas, said the launch of Hartanah Kenyalang's IPO prospectus is more than a financial event – it is an open invitation for the public to become part of a success story. 'IPO is an important step in broadening ownership, transparency and accountability. 'For investors, this prospectus offers a doorway to share in the future achievements of a company that is not only financially sound but also socially responsible,' he said in his text speech read by Deputy Minister for Infrastructure and Port Development, Datuk Aidel Lariwoo. 'For the broader community, this event signals growth, expansion and opportunity. By opening its doors to new partners, Hartanah Kenyalang Berhad demonstrates confidence in the strength of its business and the potential of the markets it serves. 'I have no doubt that this offering will position the company for even greater accomplishments in the years ahead.' Hartanah Kenyalang's managing director, Seah Boon Tiat, underscored the group's experienced significant growth over the past 11 years of operating history in the construction industry in Sarawak. 'Today, we are filled with excitement as we embark on the next phase of our corporate journey, that is, the dream of transitioning Hartanah Kenyalang into a public listed company on the ACE Market which is soon to become a reality,' he said during the prospectus launch. 'Against the backdrop of growth prospect in Sarawak's construction sector, we plan to utilise part of the proceeds from IPO exercise to purchase six new excavators to replace some of our older excavators in order to increase our capacity and productivity.' The public issue of 31 million new shares available for application by the Malaysian public, opens today, April 30, 2025 at 10am, and application will close on Tuesday, 27 May 2025 at 5pm. TA Securities Holdings Berhad (TA Securities) is Hartanah Kenyalang's principal adviser, sponsor, sole underwriter and sole placement agent.
