London Daily

Focus on the big picture.
Saturday, Sep 05, 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
UK Parliament Raises Concerns Over Funding Structure of £400 Million Tropical Forest Initiative
Andy Burnham Launches Number 10 North as Part of UK Devolution Push
UK Reaffirms Falkland Islands Sovereignty Amid Renewed Regional Pressure
Andy Burnham to Abstain From Assisted Dying Vote as Ministers Are Told to Remain Neutral
Kemi Badenoch Sacks Shadow Chancellor Mel Stride in Conservative Economic Strategy Shake-Up
UK Government Drops Early Prisoner Release Plan in Favor of Deportations and Wider Prison Reform
UK Farmers Warn Drought-Hit Harvests Could Push Grocery Prices Higher
UK Economy Faces Persistent Stagflation Risks Ahead of October Budget
Masked Protesters Block Port of Dover Roads, Disrupting Cross-Channel Traffic
Reform UK Suspends Senior Officials After Undercover Investigation Into Foreign Donation Plans
UK Urges Households to Keep Emergency Supplies Amid Severe El Niño Warning
Prime Minister Andy Burnham Sets Out Regional Industry and Prison Reform Agenda
Siemens Energy Wins Rolls-Royce Small Modular Reactor Manufacturing Contract
UK Mortgage Costs Rise as Gilt Yields and Swap Rates Climb
Bank of England’s Huw Pill Calls for Prompt Rate Rise as Inflation Risks Persist
National Audit Office Warns UK Is Unprepared for Major Food Supply Disruptions
British Army Suspends Some Training Exercises as Budget Pressures Intensify
HMS Queen Elizabeth Deploys as NATO Allied Response Force Command Ship
Reform UK Suspends Two Senior Officials Over Alleged Foreign Donation Scheme
UK Reasserts Falkland Islands Sovereignty After Argentina Threatens Sanctions
Scottish Tech Company PureLifi Enters Administration With More Than 40 Job Losses
Scottish Government Names Alyn Smith Innovation and Education Minister
Green Party Co-Leader Zack Polanski to Contest By-Election for Keir Starmer’s Former Seat
Palestine Action Activists Appeal Terrorism-Related Prison Sentences
PwC Report Highlights Persistent Regional Spending-Power Divide Across Britain
UK Names Hundreds of Employers for Minimum Wage Violations
UK Commits £400 Million to International Tropical Forest Fund
UK Extends £2 Bus Fare Cap Across England Through 2027
UK Warns Travellers as US-Iran Tensions Disrupt Middle East Security and Shipping
Andy Burnham Faces Kemi Badenoch in First Prime Minister’s Questions
Kemi Badenoch Names Andrew Griffith Shadow Chancellor in Conservative Reshuffle
UK Treasury and Markets Focus on Fiscal Headroom Ahead of Autumn Budget
UK Government Reverses Early Release Plans for Serious Violent and Sexual Offences
UK and France Review Border Cooperation After 48,000 Small-Boat Crossings Prevented
UK Growth Outlook Weakens as Inflation and Energy Costs Rise
Breeding Tropical Mosquitoes Discovered in East London
Sadiq Khan Agrees to Search of Digital Communications in Palantir Lawsuit
Scottish Protesters Call for Moratorium on AI Data Centre Expansion
Uber Drivers Bring London Class Action Over Algorithmic Management
Reform UK Accepts £4 Million Donation From Cryptocurrency Billionaire Pardoned by Trump
Justice Secretary Tightens Early Release Scheme to Exclude Manslaughter Offenders
Kemi Badenoch Reshuffles Conservative Team as Reform UK Pressure Grows
British Mortgage Rates Rise as Global Bond Sell-Off Pushes Up Borrowing Costs
UK Records Hottest Summer on Record in 2026
UK Government Urges Households to Stock Essential Supplies Ahead of Severe El Niño Risk
UK Prepares Targeted Sanctions Over Israeli Settlements in West Bank
Reform UK Faces Electoral and Police Scrutiny Over Foreign Donation Allegations
UK and France Expand Channel Migration Cooperation as Trade Tensions Surface
UK Marks Merchant Navy Day With Tribute to Civilian Seafarers
Burnham Pays Tribute to Two Police Officers Killed on Duty in Northern England
×