Former Goldman Sachs banker Tim Reissner was sentenced to two years in a role in the 1MDB scandal on Thursday.
Malaysian Commerce Minister Yohari Abdul Ghani has asked a former Goldman Sachs banker who was involved in the multi-billion dollar, one-Malaysian Development Belhad (1MDB) corruption scandal to two years in prison.
On Thursday, New York State Judge Margo Brody was sentenced to the prison, former chairman of Southeast Asia Goldman Sachs, a German-born banker Tim Reissner, for two years in prison for his role in the scandal.
Laissner, who previously pleaded guilty to US bribery and money laundering counts, faced a maximum sentence of 25 years.
During the verdict, Brody described Leissner’s actions as “brave and bold.” When he read the statement in court, the visibly emotional Reisner offered a “honest apology to the people of Malaysia” and said he “deeply regretted it.”[s]”His actions.
Ghani, chairman of the 1MDB Asset Recovery Task Force, said on Friday that Reisner should have been sentenced to the largest prison sentence as he is “one of the masterminds” of the scheme, which saw billions of dollars in public funds from Malaysia’s investment fund.
The 1MDB fund was created as a way to attract foreign investments for Malaysia’s energy and infrastructure projects, but was stolen by staff and bankers.
Malaysian and US authorities estimate that a total of about $4.5 billion was stolen in an elaborate Earth-wide scheme that includes former Malaysian Prime Minister Najib Razak, who was imprisoned in 2022.
In 2018, Raissner pleaded guilty to bribery and money laundering counts in connection with his role in the scandal. This paid foreign officials about $2 billion in bribery, splitting another $1 billion kickback with others in the scheme.
A spokesman for the U.S. Department of Justice said it would begin sentences of 24 months in September.
US prosecutors were calling for tolerance for the “extraordinary” support he provided with the probe. Raisner served as a star witness at the 2022 trial of his former colleague and Goldman Sachs Managing Director Roger Ng.
Among other crimes, Judge Brody sentenced Malaysian citizens to 10 years in prison in March 2023 to “conspired to wash billions of dollars and to pay more than $1.6 billion in bribery from 1MDB.
Raisner also provided details on the involvement of Malaysian financial institution Ro Tek Joe, known as “Joe Law.”
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