A senior Malaysian minister has publicly criticized the 10-year prison sentence given to former Goldman Sachs banker Roger Ng over his role in the notorious 1MDB scandal, calling it “too short” in light of the scale and impact of the financial crime.

Roger Ng, the former head of investment banking for Goldman Sachs in Malaysia, was convicted in the United States in 2022 for his involvement in the theft and laundering of billions of dollars from the 1Malaysia Development Berhad (1MDB) sovereign wealth fund. His sentencing in a U.S. federal court earlier this month reignited controversy and disappointment in Malaysia, where the scandal triggered political upheaval and deep public outrage.

“Justice Has Not Been Fully Served”

Speaking at a press conference in Putrajaya, the Malaysian minister, who oversees legal and institutional reform, said that while the conviction itself was welcomed, the sentence failed to reflect the gravity of the damage inflicted on Malaysia’s public institutions and reputation.

“Billions were stolen from the people of Malaysia. Lives were affected. Our international standing was damaged. A 10-year sentence, in our view, is not proportionate to the crime,” the minister stated. “Justice has not been fully served.”

He added that Malaysia remains committed to pursuing all individuals connected to the scandal and recovering as much stolen public money as possible.

The 1MDB Scandal: A Global Web of Corruption

The 1MDB scandal is widely considered one of the world’s largest financial frauds. Between 2009 and 2015, an estimated $4.5 billion was misappropriated from the state investment fund, with funds funneled through complex networks of shell companies and offshore accounts. The stolen money was used to finance luxury real estate, artwork, and even Hollywood films.

Roger Ng was accused of helping mastermind the bond deals that enabled the looting of 1MDB. His co-conspirator, Tim Leissner, a former Goldman Sachs partner, pleaded guilty in 2018 and testified against Ng during the trial. Leissner’s sentencing has been repeatedly delayed, and Malaysia has called for his extradition.

Malaysian Government Still Pursuing Accountability

In the wake of the scandal, Goldman Sachs agreed to pay over $5 billion globally to resolve investigations by U.S. and Malaysian authorities. Despite these settlements, many Malaysians believe that accountability for the scandal has not gone far enough.

Former Prime Minister Najib Razak, who was at the center of the scandal, is currently serving a 12-year sentence following his conviction in 2020 for corruption and money laundering. However, efforts to bring other high-profile figures to justice have moved more slowly, often entangled in complex legal and diplomatic processes.

Call for Stronger Deterrence

The minister emphasized that light sentencing undermines efforts to deter corporate crime and may send the wrong message to financial institutions and executives globally.

“The sentence must reflect not only the crime committed but also serve as a deterrent to those in positions of power who may contemplate similar abuses,” he said.

As Malaysia continues to deal with the long-term fallout of 1MDB, officials are calling for stronger international cooperation in financial oversight and extradition processes, signaling that the case remains far from closed.