Ex-Goldman banker Roger Ng to finally face trial over 1MDB embezzlement plot

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Former Goldman Sachs banker Roger Ng will quickly face trial over Malaysia’s 1MDB corruption scandal, greater than two years after he was first charged for his alleged function in an embezzlement scheme that resulted in a global embarrassment for the financial institution.

Jury choice for Ng’s trial is set to begin on Monday, greater than three years after the ex-banker was first arrested in Malaysia. Attorneys will ship their opening arguments subsequent week in Brooklyn federal court docket.

Ng, Goldman’s former head of funding banking in Malaysia, faces federal fees of conspiracy to launder money and violate US anti-bribery legal guidelines. He has pleaded not responsible.

He is the one Goldman worker to face trial for the plot, during which bankers are alleged to have helped pilfer billions from Malaysia’s sovereign improvement fund. It’s additionally alleged the bankers paid greater than $1.6 billion in bribes to safe business from the 1MDB fund.  

Ng was first extradited from Malaysia to the US in May 2019, however his federal trial was delayed for years due to the COVID-19 pandemic. He faces up to 30 years in jail if discovered responsible on all fees.

Roger Ng, Goldman’s former head of funding banking in Malaysia, faces federal fees of conspiracy to launder money and violate US anti-bribery legal guidelines.
Bloomberg by way of Getty Images

Prosecutors allege that Ng labored with fellow Goldman banker Tim Leissner and flamboyant Malaysian financier Jho Low to divert $4.5 billion from the 1MDB fund – a few of which Goldman helped to increase via bond gross sales – to fund a lavish way of life.

The scandal resulted in months of dangerous publicity for Goldman Sachs and touched a number of the world’s most generally recognized people. Some of the misappropriated money was used to fund “The Wolf of Wall Street,” the star-studded movie starring actor Leonardo DiCaprio. Low used greater than $8 million to buy jewellery for former Victoria’s Secret mannequin Miranda Kerr, in accordance to prosecutors.

In one notable incident, Low hosted an extravagant Las Vegas birthday in 2012 that includes Britney Spears, who popped out of a birthday cake to serenade the financier.

Goldman Sachs ultimately agreed to pay almost $3 billion in connection to the 1MDB scandal.
SOPA Images/LightRocket by way of Gett

Leissner, who was a companion for Goldman Sachs’ Asia division, pleaded responsible to fees of conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act. He additionally agreed to forfeit $43.7 million and will likely be sentenced later this year.

Leissner is broadly anticipated to testify in opposition to Ng in the course of the upcoming trial. Both Ng and Leissner have been barred from working within the securities business.

In January 2020, Low stated assertions that he masterminded the plot to embezzle Malaysia’s sovereign improvement fund had been “just wrong.” Low stays at massive and was purportedly given asylum by a nation that has but to be recognized.

Goldman Sachs ultimately agreed to pay almost $3 billion in connection to the scandal, together with a $2.3 billion advantageous for violating anti-bribery legal guidelines. The financial institution completed repaying the funds in June 2021.

with Post wires