London Daily

Focus on the big picture.
Thursday, Dec 25, 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 Mortgage Rates Edge Lower as Bank of England Base Rate Cut Filters Through Lending Market
U.S. Supermarket Gives Customers Free Groceries for Christmas After Computer Glitch
Air India ‘Finds’ a Plane That Vanished 13 Years Ago
Caviar and Foie Gras? China Is Becoming a Luxury Food Powerhouse
Hong Kong Climbs to Second Globally in 2025 Tourism Rankings Behind Bangkok
From Sunniest Year on Record to Terror Plots and Sports Triumphs: The UK’s Defining Stories of 2025
Greta Thunberg Released on Bail After Arrest at London Pro-Palestinian Demonstration
Banksy Unveils New Winter Mural in London Amid Festive Season Excitement
UK Households Face Rising Financial Strain as Tax Increases Bite and Growth Loses Momentum
UK Government Approves Universal Studios Theme Park in Bedford Poised to Rival Disneyland Paris
UK Gambling Shares Slide as Traders Respond to Steep Tax Rises and Sector Uncertainty
Starmer and Trump Coordinate on Ukraine Peace Efforts in Latest Diplomatic Call
The Pilot Barricaded Himself in the Cockpit and Refused to Take Off: "We Are Not Leaving Until I Receive My Salary"
UK Fashion Label LK Bennett Pursues Accelerated Sale Amid Financial Struggles
U.S. Government Warns UK Over Free Speech in Pro-Life Campaigner Prosecution
Newly Released Files Shed Light on Jeffrey Epstein’s Extensive Links to the United Kingdom
Prince William and Prince George Volunteer Together at UK Homelessness Charity
UK Police Arrest Protesters Chanting ‘Globalise the Intifada’ as Authorities Recalibrate Free Speech Enforcement
Scambodia: The World Owes Thailand’s Military a Profound Debt of Gratitude
Women in Partial Nudity — and Bill Clinton in a Dress and Heels: The Images Revealed in the “Epstein Files”
US Envoy Witkoff to Convene Security Advisers from Ukraine, UK, France and Germany in Miami as Peace Efforts Intensify
UK Retailers Report Sharp Pre-Christmas Sales Decline and Weak Outlook, CBI Survey Shows
UK Government Rejects Use of Frozen Russian Assets to Fund Aid for Ukraine
UK Financial Conduct Authority Opens Formal Investigation into WH Smith After Accounting Errors
UK Issues Final Ultimatum to Roman Abramovich Over £2.5bn Chelsea Sale Funds for Ukraine
Rare Pink Fog Sweeps Across Parts of the UK as Met Office Warns of Poor Visibility
UK Police Pledge ‘More Assertive’ Enforcement to Tackle Antisemitism at Protests
UK Police Warn They Will Arrest Protesters Chanting ‘Globalise the Intifada’
Trump Files $10 Billion Defamation Lawsuit Against BBC as Broadcaster Pledges Legal Defence
UK Says U.S. Tech Deal Talks Still Active Despite Washington’s Suspension of Prosperity Pact
UK Mortgage Rules to Give Greater Flexibility to Borrowers With Irregular Incomes
UK Treasury Moves to Position Britain as Leading Global Hub for Crypto Firms
U.S. Freezes £31 Billion Tech Prosperity Deal With Britain Amid Trade Dispute
Prince Harry and Meghan’s Potential UK Return Gains New Momentum Amid Security Review and Royal Dialogue
Zelensky Opens High-Stakes Peace Talks in Berlin with Trump Envoy and European Leaders
Historical Reflections on Press Freedom Emerge Amid Debate Over Trump’s Media Policies
UK Boosts Protection for Jewish Communities After Sydney Hanukkah Attack
UK Government Declines to Comment After ICC Prosecutor Alleges Britain Threatened to Defund Court Over Israel Arrest Warrant
Apple Shutters All Retail Stores in the United Kingdom Under New National COVID-19 Lockdown
US–UK Technology Partnership Strains as Key Trade Disagreements Emerge
UK Police Confirm No Further Action Over Allegation That Andrew Asked Bodyguard to Investigate Virginia Giuffre
Giuffre Family Expresses Deep Disappointment as UK Police Decline New Inquiry Into Andrew Mountbatten-Windsor Claims
Transatlantic Trade Ambitions Hit a Snag as UK–US Deal Faces Emerging Challenges
Ex-ICC Prosecutor Alleges UK Threatened to Withdraw Funding Over Netanyahu Arrest Warrant Bid
UK Disciplinary Tribunal Clears Carter-Ruck Lawyer of Misconduct in OneCoin Case
‘Pink Ladies’ Emerge as Prominent Face of UK Anti-Immigration Protests
Nigel Farage Says Reform UK Has Become Britain’s Largest Party as Labour Membership Falls Sharply
Google DeepMind and UK Government Launch First Automated AI Lab to Accelerate Scientific Discovery
UK Economy Falters Ahead of Budget as Growth Contracts and Confidence Wanes
Australia Approves Increased Foreign Stake in Strategic Defence Shipbuilder
×