Malaysia’s Commodities Minister Johari Abdul Ghani has criticized the two-year U.S. prison sentence handed to former Goldman Sachs banker Tim Leissner, calling it “far too short” and arguing that one of the key figures behind the multibillion-dollar 1MDB scandal should have received the maximum penalty, as per Al Jazeera.
Leissner, a former Southeast Asia chairman for Goldman Sachs, was sentenced by a federal judge in New York on Thursday for his role in the 1Malaysia Development Berhad corruption scandal. During the hearing, Leissner expressed remorse and offered a public apology to the people of Malaysia.
He had previously pleaded guilty to charges related to bribery and money laundering, admitting to facilitating roughly $2 billion in bribes and splitting another $1 billion in kickbacks with other participants in the scheme. While he faced up to 25 years in prison, the court issued a lighter sentence after considering his cooperation with investigators.
Minister Johari, who heads Malaysia’s 1MDB asset recovery task force, said Leissner should have received a harsher punishment. He emphasized that the short sentence does not match the scale of the damage inflicted on Malaysia’s economy and public trust.
The 1MDB fund was originally established to attract foreign investment for infrastructure and energy development. However, it became a vehicle for large-scale embezzlement, with an estimated $4.5 billion allegedly stolen through a complex global fraud.
The case has had far-reaching consequences. Goldman Sachs has paid billions in penalties globally, and several top executives have faced criminal charges. Leissner’s testimony was instrumental in securing a 10-year sentence for his former colleague, Roger Ng.
The scandal also implicated high-level Malaysian officials, including former Prime Minister Najib Razak, who is currently serving a prison sentence following his 2020 conviction.
Although Leissner is set to begin serving his two-year sentence in September, Malaysian officials have indicated they may continue pursuing legal avenues to hold all responsible parties accountable.
