London Daily

Focus on the big picture.
Wednesday, Dec 03, 2025

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
UK Plans Major Cutback to Jury Trials as Crown Court Backlog Nears 80,000
UK Government to Significantly Limit Jury Trials in England and Wales
U.S. and U.K. Seal Drug-Pricing Deal: Britain Agrees to Pay More, U.S. Lifts Tariffs
UK Postpones Decision Yet Again on China’s Proposed Mega-Embassy in London
Head of UK Budget Watchdog Resigns After Premature Leak of Reeves’ Budget Report
Car-sharing giant Zipcar to exit UK market by end of 2025
Reports of Widespread Drone Deployment Raise Privacy and Security Questions in the UK
UK Signals Security Concerns Over China While Pursuing Stronger Trade Links
Google warns of AI “irrationality” just as Gemini 3 launch rattles markets
Top Consultancies Freeze Starting Salaries as AI Threatens ‘Pyramid’ Model
Macron Says Washington Pressuring EU to Delay Enforcement of Digital-Regulation Probes Against Meta, TikTok and X
UK’s DragonFire Laser Downs High-Speed Drones as £316m Deal Speeds Naval Deployment
UK Chancellor Rejects Claims She Misled Public on Fiscal Outlook Ahead of Budget
Starmer Defends Autumn Budget as Finance Chief Faces Accusations of Misleading Public Finances
EU Firms Struggle with 3,000-Hour Paperwork Load — While Automakers Fear De Facto 2030 Petrol Car Ban
White House launches ‘Hall of Shame’ site to publicly condemn media outlets for alleged bias
UK Budget’s New EV Mileage Tax Undercuts Case for Plug-In Hybrids
UK Government Launches National Inquiry into ‘Grooming Gangs’ After US Warning and Rising Public Outcry
Taylor Swift Extends U.K. Chart Reign as ‘The Fate of Ophelia’ Hits Six Weeks at No. 1
250 Still Missing in the Massive Fire, 94 Killed. One Day After the Disaster: Survivor Rescued on the 16th Floor
Trump: National Guard Soldier Who Was Shot in Washington Has Died; Second Soldier Fighting for His Life
UK Chancellor Reeves Defends Tax Rises as Essential to Reduce Child Poverty and Stabilise Public Finances
No Evidence Found for Claim That UK Schools Are Shifting to Teaching American English
European Powers Urge Israel to Halt West Bank Settler Violence Amid Surge in Attacks
"I Would Have Given Her a Kidney": She Lent Bezos’s Ex-Wife $1,000 — and Received Millions in Return
European States Approve First-ever Military-Grade Surveillance Network via ESA
UK to Slash Key Pension Tax Perk, Targeting High Earners Under New Budget
UK Government Announces £150 Annual Cut to Household Energy Bills Through Levy Reforms
UK Court Hears Challenge to Ban on Palestine Action as Critics Decry Heavy-Handed Measures
Investors Rush Into UK Gilts and Sterling After Budget Eases Fiscal Concerns
UK to Raise Online Betting Taxes by £1.1 Billion Under New Budget — Firms Warn of Fallout
Lamine Yamal? The ‘Heir to Messi’ Lost to Barcelona — and the Kingdom Is in a Frenzy
Warner Music Group Drops Suit Against Suno, Launches Licensed AI-Music Deal
HP to Cut up to 6,000 Jobs Globally as It Ramps Up AI Integration
MediaWorld Sold iPad Air for €15 — Then Asked Customers to Return Them or Pay More
UK Prime Minister Sir Keir Starmer Promises ‘Full-Time’ Education for All Children as School Attendance Slips
UK Extends Sugar Tax to Sweetened Milkshakes and Lattes in 2028 Health Push
UK Government Backs £49 Billion Plan for Heathrow Third Runway and Expansion
UK Gambling Firms Report £1bn Surge in Annual Profits as Pressure Mounts for Higher Betting Taxes
UK Shares Advance Ahead of Budget as Financials and Consumer Staples Lead Gains
Domino’s UK CEO Andrew Rennie Steps Down Amid Strategic Reset
UK Economy Stalls as Reeves Faces First Budget Test
UK Economy’s Weak Start Adds Pressure on Prime Minister Starmer
UK Government Acknowledges Billionaire Exodus Amid Tax Rise Concerns
UK Budget 2025: Markets Brace as Chancellor Faces Fiscal Tightrope
UK Unveils Strategic Plan to Secure Critical Mineral Supply Chains
UK Taskforce Calls for Radical Reset of Nuclear Regulation to Cut Costs and Accelerate Build
UK Government Launches Consultation on Major Overhaul of Settlement Rules
Google Struggles to Meet AI Demand as Infrastructure, Energy and Supply-Chain Gaps Deepen
Car Parts Leader Warns Europe Faces Heavy Job Losses in ‘Darwinian’ Auto Shake-Out
×