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Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
‘Billion Dollar Whale' co-author slams Tim Leissner's light jail sentence
Former Goldman Sachs banker Tim Leissner (left) at the US district court in New York yesterday for his sentencing hearing. (AFP pic) PETALING JAYA : US-based journalist Tom Wright, who co-authored the 'Billion Dollar Whale', has criticised the two-year sentence handed down to a former Goldman Sachs banker for his role in the 1MDB scandal. On X, Wright said the sentence 'is no justice'. Earlier today, Tim Leissner, a former employee of the investment bank was sentenced to jail by a New York court. Leissner, a former Southeast Asia chairman for Goldman Sachs, 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. Wright said Leissner should have been sentenced for a longer period and suggested that his two-year sentence was in view of the cooperation he had given to get Roger Ng, another former Goldman Sachs banker 'sent to jail'. 'But that is punching down.' Separately, in his weekly newsletter, 'Whale Hunting', Wright wondered if justice had been served as regards Goldman Sachs's role in helping steal billions of dollars. 'Not by a long shot.' Goldman had helped sell US$6.5 billion of bonds for 1MDB, an investment arm set up by former prime minister Najib Razak, with the help of fugitive financier, Low Taek Jho or Jho Low, the central figure in Wright's book. Leissner later became a US government witness in the case after his arrest in 2018 and testified against Ng.
Daily Express
6 days ago
- 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
Free Malaysia Today
24-04-2025
- Business
- Free Malaysia Today
I have no pending charges in 1MDB bonds case, Roger Ng tells court
Convicted ex-Goldman Sachs banker Roger Ng returned to Malaysia in October 2023 to assist in police investigations into 1MDB-related matters. (AP pic) PUTRAJAYA : Former Goldman Sachs banker Roger Ng told Najib Razak's 1MDB trial today that he has yet to be charged in a local court over his alleged involvement in the issuance of 1MDB-related bonds since his return from the US. Ng acknowledged that he had only secured a discharge not amounting to an acquittal in respect of the four charges brought against him under Section 370(1)(c) of the Capital Markets and Services Act 2007. Ng was charged in the sessions court in 2018, but the case was later transferred to the High Court which granted the discharge on Jan 9, 2023. Ng was subsequently extradited to New York in 2019 to face corruption-related charges, and found guilty in April 2022. 'I wasn't present in court (when the discharge was issued), but that was what I learned from my counsel (here),' Ng added. Ng, who is testifying as a defence witness, told the court he was unsure if he would be charged again. He said his return to Malaysia in October 2023 was 'to assist in police investigations'. Ng told the court that the 10-year jail sentence for corruption imposed by a New York court had been suspended indefinitely to facilitate his return to Malaysia. I met Jho Low in 2009, Ng says In his testimony, Ng said that he knew fugitive businessman Low Taek Jho (Jho Low) in or around 2009 while working in Goldman Sachs's Singapore office. 'I don't remember if he approached me or otherwise. There were rumours (at the time) that the Terengganu government wanted to set up a sovereign wealth fund,' he added. He said he blamed Low, who was charged in absentia as a co-conspirator, at the hearing of his corruption case. Asked by lawyer Shafee Abdullah whether he had raised red flags to Goldman Sachs about Low, the former banker said he had. 'However, I want to highlight that there is a protective order by the New York court which limits what I can say about the documents (in the trial),' he added. Ng was allowed to leave the witness stand after deputy public prosecutor Ahmad Akram Gharib questioned the relevance of his evidence and told the court that the prosecution had no questions for him in cross-examination. The hearing continues before Justice Collin Lawrence Sequerah on May 5. Najib is standing trial on 25 charges of abuse of power and money laundering over funds amounting to RM2.28 billion deposited into his AmBank accounts between February 2011 and December 2014.
Malaysiakini
23-04-2025
- Business
- Malaysiakini
Court clears Roger NG to testify in Najib's 1MDB trial
The High Court in Putrajaya held today that former Goldman Sachs banker Roger Ng may be called as a witness and testify in the 1MDB trial involving Najib Abdul Razak, notwithstanding the existence of a restrictive order issued by a United States court. Judge Collin Lawrence Sequerah stated that the Malaysian court is governed by its own jurisdiction and is not subject to the authority of any foreign tribunal. 'This is a public interest case...
Free Malaysia Today
23-04-2025
- Business
- Free Malaysia Today
Court rules ex-Goldman Sachs banker can testify in Najib's 1MDB trial
Ex-Goldman Sachs banker Roger Ng was convicted by a New York court of corruption in 2013 and is said to be prohibited from being interviewed and testifying in Najib Razak's 1MDB case, according to his lawyer. PUTRAJAYA : The High Court here has ruled that former Goldman Sachs banker Roger Ng can testify in Najib Razak's 1MDB trial. Justice Collin Lawrence Sequerah said the courts in Malaysia were not bound by the protective order issued on July 29, 2019 by New York's eastern district court which tried and convicted Ng for corruption. 'This court cannot wait for a variation to be made (to the protective order). 'This is a public interest case that has been dragged on for too long,' he added. Earlier today, the court was told that Ng's protective order barred him from being interviewed and giving evidence. Ng's lawyer, Tan Hock Chuan, said the protective order remained in force despite the fact that the case against Ng in New York concluded in 2023. He added that Ng's appeal is pending a decision. 'The American lawyers who handled his trial have advised us that he would be exposed to criminal liability if he were to testify here. 'Criminal sanctions can be taken and whatever he says here may be used against him for the appeal,' Tan said. The lawyer said his American counterpart intended to file a motion to vary the protective order to allow Ng to testify in Najib's defence. However Najib's lawyer Shafee Abdullah said the protective order did not cover documents and exhibits tendered in Ng's corruption case or matters that he might recall from his personal experience prior to the date of the order. Shafee added that under 132(2) of the Evidence Act 1950, no answer which a witness shall be compelled by the court to give shall subject him to any arrest or prosecution, except where the evidence given is false.
