London Daily

Focus on the big picture.
Tuesday, Oct 27, 2026

1MDB scandal: bribery and bigamy loom large in ex-Goldman Sachs banker’s trial

1MDB scandal: bribery and bigamy loom large in ex-Goldman Sachs banker’s trial

Roger Ng pleads not guilty to helping launder millions of dollars looted from Malaysian sovereign wealth fund
On the first day of a trial over the multibillion-dollar looting of a Malaysian government fund, US prosecutors on Monday accused a former Goldman Sachs banker of taking $35m in kickbacks as his defense team slammed the prosecution’s star witness as a bigamist who used their client as a fall guy.

Roger Ng, Goldman’s former head of investment banking in Malaysia, is charged with conspiring to launder money and violating anti-bribery law in his dealings with Malaysia’s 1MDB sovereign wealth fund.

The trial is renewing scrutiny of Goldman’s role in the international scandal that led to a 12-year jail sentence for Malaysia’s former prime minister Najib Razak.

“The defendant saw an opportunity to make millions of dollars by cheating, and he took it,” Brent Wible, a lawyer with the US Department of Justice, said in an opening statement on Monday.

Ng has pleaded not guilty and his lawyer has said he is a “fall guy” for one of the biggest financial scandals in Wall Street history.

The trial in Brooklyn federal court could last up to six weeks.

The scandal stems from some $6.5bn in bonds that Goldman helped 1MDB, launched by Razak to spur economic growth, sell from 2009 to 2014.

US prosecutors say Goldman earned $600m in fees from the deals, but that about $4.5bn of the funds raised was embezzled.

The bank in 2020 paid a $2.3bn fine, returned $600m in ill-gotten gains, and agreed for its Malaysian subsidiary to plead guilty in US court as part of a deal, known as a deferred prosecution agreement (DPA).

Wible said Ng helped two co-conspirators – his former boss, Timothy Leissner, and a Malaysian intermediary, Jho Low – launder funds embezzled from 1MDB and used some of the stolen money to bribe officials in the south-east Asian country to win business for Goldman.

Ng received $35m in kickbacks from Leissner, Wible said.

Leissner, a former partner for Goldman Sachs in Asia, in 2018 pleaded guilty to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act (FCPA), in part by helping to pay $1.6bn in bribes. He is expected to testify as a government witness against Ng.

Wible said Leissner, who has not yet been sentenced, would testify against Ng as part of a cooperation agreement with prosecutors and as a result would get a lighter punishment. But Wible said Leissner’s testimony would be backed up by other evidence.

Defense lawyer Marc Agnifilo countered that Ng had no role in the scheme perpetrated by Low and Leissner and that he even warned Goldman management not to trust Low. He said the funds prosecutors called kickbacks in fact belonged to Ng’s wife and were derived from a business venture she had with Leissner’s ex-wife.

Agnifilo focused his opening statement largely on undermining Leissner, who is expected to testify for the government.

“Tim Leissner uses people,” Agnifilo told jurors, saying Leissner was “married to two different women at the same time, twice”.

“They’re not partners-in-crime. There’s a gulf between these two men a mile wide,” he said. “Leissner uses people. You will see this time and time again. He is trying to use my client ... to serve his jail time.”

Low, who was indicted alongside Ng in 2018, has not been arrested by US or Malaysian authorities. Malaysia has said he is in China, which Beijing has denied.
Newsletter

Related Articles

0:00
0:00
Close
Education or Indoctrination? The Growing Debate Over Religious Participation in British Schools
Germany's Vanishing Shopfronts: The Silent Collapse of the Businesses That Built Its Cities
Northern Ireland Executive Reaches Agreement on Public Transport Modernization and Cross-Border Rail Infrastructure Funding
Department for Energy Security and Net Zero Approves New North Sea Carbon Capture and Storage Industrial Clusters
Office for National Statistics Reports Stabilization in Private Rental Growth Across Major English and Welsh Regional Cities
United Kingdom Automotive Manufacturing Output Rises Moderately as Electric Vehicle Assembly Lines Expand in the Midlands
Competition and Markets Authority Launches Formal Inquiry Into Cloud Computing Infrastructure and Artificial Intelligence Partnerships
Scottish Government Finalizes Emergency Budget Adjustments Following Multi-Year Public Sector Funding Shortfalls
National Health Service England Announces Major Emergency Care Overhaul to Alleviate Severe Winter Capacity Pressures
Chancellor Rachel Reeves Prepares Autumn Budget Amid Intensifying Scrutiny Over Public Spending and Fiscal Rules
Bank of England Signals Cautious Approach to Further Interest Rate Cuts as Persistent Wage Growth and Inflation Pressures Remain
Transport for London Unveils Expanded Zero-Emission Bus Fleet to Meet Capital Air Quality Targets
Higher Education Institutions Face Deepening Financial Strain Amid Declining International Student Enrolment
Automotive Industry Leaders Criticize Government Tax Policies and Urge Action on Retail Consumer Confidence
Environment Agency Issues Flood Alerts Across Scottish and English Waterways Following Heavy Rainfall
Independent Audit Highlights Persistent Security Vulnerabilities Across Legacy Government Digital Portals
Northern Ireland Political Leaders Clash Over Westminster Funding Allocations Ahead of Autumn Budget
Ethnic Minorities in England Face Significant Disparities in Routine Breast Cancer Diagnosis Rates
National Police Chiefs Report Alarming Surge in Domestic Abuse Cases Fuelled by Expanding Illegal Cocaine Market
Government Announces Two Hundred and Twenty Million Pound Pothole Funding Boost for Local Highway Authorities
China Issues Formal Warning Over Potential United Kingdom Restrictions on Chinese Electric Vehicles
British Defence Ministers Sign E5 Pact to Enhance European Military Capabilities and Industrial Cooperation Within NATO
United Kingdom Business Activity Expands at Fastest Pace in Eight Months According to S&P Global Flash Survey
Chancellor John Healey Prepares Major Devolution Package and Bank Profit Surcharge Ahead of Upcoming Autumn Budget
National Health Service Consultants in England Announce Two-Day Strike Action Scheduled for November
Major Clean-Up Under Way Across Britain Following Destruction Caused by Consecutive Storms Austen and Boelo
KEY TRENDS TO WATCH
Declassified Intelligence Files Reveal British Security Services Monitored National Health Service Founder
British Government Launches Sweeping Regulatory Crackdown on High-Risk Cosmetic Procedures
Scottish National Party Demands Ban on Using Scottish Revenues to Fund English Nuclear Energy Projects
Mayor of London Initiates Landmark Pedestrianisation of Oxford Street to Revitalise Global Retail Hub
British Judges Granted Expanded Legal Powers to Punish Convicted Killers Who Refuse to Attend Sentencing
United Kingdom Poised to Miss Reduced International Aid Spending Targets Ahead of Fiscal Review
Surging Cocaine Consumption Drives Record Drug Fatalities and Rising Crime Rates Across Britain
Department of Health and Social Care Announces One Hundred and Forty Million Pound Boost for Urgent Care
British Services Sector Records Strongest Growth in Eight Months Despite Broader Economic Uncertainty
United Kingdom Retail Sales Suffer Unexpected Decline as Consumer Confidence Plummets
Greater Manchester Mayor Andy Burnham Urges National Debate on Restoring European Union Free Movement
Deep Cabinet Divisions Emerge Over Controversial Approval of North Sea Fossil Fuel Projects
United Kingdom Government Urges Citizens to Stockpile Essential Supplies in National Resilience Pivot
Storm Boelo Kills Two People and Cuts Power to Tens of Thousands Across Great Britain
Critical Software Flaw Forces Dozens of United Kingdom Government Services Offline Amid Mass Security Warnings
UK Consumer Confidence Tumbles Amid Rising Energy Costs and Global Commodity Price Pressures
North Sea Transition Authority Approves Production from Jackdaw Gas Field to Bolster Domestic Energy Security
Storm Boelo Leaves Tens of Thousands of Households Without Power Across Scotland and Northern Ireland
UK Government Launches National Be Ready Campaign Urging Households to Prepare Three Days of Emergency Supplies
Department for Environment Food and Rural Affairs Implements Stricter Water Quality Regulations for British Rivers
Welsh Government Launches Major Renewable Energy Initiative to Expand Offshore Wind Capacity Along the Coast
Northern Ireland Executive Reaches Final Agreement on Comprehensive Regional Infrastructure Modernization Plan
Office for National Statistics Reports Moderate Increase in British Retail Sales Driven by Autumn Discounts
×