London Daily

Focus on the big picture.
Saturday, Nov 08, 2025

Ex-Goldman banker convicted in 1MDB corruption case

Ex-Goldman banker convicted in 1MDB corruption case

Former Goldman Sachs banker Roger Ng was convicted by a U.S. jury on Friday of conspiring to violate an anti-corruption law to help loot hundreds of millions of dollars from Malaysia's 1MDB development fund.

Prosecutors say Roger Ng, Goldman's former top investment banker for Malaysia, helped his former boss Tim Leissner embezzle money from the fund -- which was founded to pursue development projects in the Southeast Asian country -- launder the proceeds and bribe officials to win business for Goldman.

Ng, 49, has pleaded not guilty to conspiring to launder money and violating an anti-corruption law. His lawyers say Leissner, who pleaded guilty to similar charges in 2018 and agreed to cooperate with prosecutors' investigation, falsely implicated Ng in the hopes of receiving a lenient sentence.

The jury convicted Ng of two counts of conspiracy to violate the Foreign Corrupt Practices Act and one count of conspiracy to commit money laundering.

Deliberations began on Tuesday after a nearly two-month trial in federal court in Brooklyn.

The charges stemmed from one of the biggest financial scandals in history.

Prosecutors have said Goldman helped 1MDB raise $6.5 billion through three bond sales, but that $4.5 billion was diverted to government officials, bankers and their associates through bribes and kickbacks between 2009 and 2015.

Ng is the first, and likely only, person to face trial in the United States over the scheme. Goldman (GS) in 2020 paid a nearly $3 billion fine and its Malaysian unit agreed to plead guilty.

Jurors heard nine days of testimony from Leissner, who said he sent Ng $35 million in kickbacks. Leissner said the men agreed to tell banks a "cover story" that the money was from a legitimate business venture between their wives.

Ng's wife, Hwee Bin Lim, later testified for the defense that the business venture was, in fact, legitimate. She said she invested $6 million in the mid-2000s in a Chinese company owned by the family of Leissner's then-wife, Judy Chan, and that the $35 million was her return on that investment.

Ng's lawyer, Marc Agnifilo, said in his closing argument on Monday that Leissner could not be trusted. Alixandra Smith, a prosecutor, said in her summation that Leissner's testimony was backed up by other evidence.

Jho Low, a Malaysian financier and suspected mastermind of the scheme, was indicted alongside Ng in 2018 but remains at large.

Newsletter

Related Articles

0:00
0:00
Close
UK Government Turns to Denmark-Style Immigration Reforms to Overhaul Border Rules
UK Chancellor Warned Against Cutting Insulation Funding as Budget Looms
UK Tenant Complaints Hit Record Levels as Rental Sector Faces Mounting Pressure
Apple to Pay Google About One Billion Dollars Annually for Gemini AI to Power Next-Generation Siri
UK Signals Major Shift as Nuclear Arms Race Looms
BBC’s « Celebrity Traitors UK » Finale Breaks Records with 11.1 Million Viewers
UK Spy Case Collapse Highlights Implications for UK-Taiwan Strategic Alignment
On the Road to the Oscars? Meghan Markle to Star in a New Film
A Vote Worth a Trillion Dollars: Elon Musk’s Defining Day
AI Researchers Claim Human-Level General Intelligence Is Already Here
President Donald Trump Challenges Nigeria with Military Options Over Alleged Christian Killings
Nancy Pelosi Finally Announces She Will Not Seek Re-Election, Signalling End of Long Congressional Career
UK Pre-Budget Blues and Rate-Cut Concerns Pile Pressure on Pound
ITV Warns of Nine-Per-Cent Drop in Q4 Advertising Revenue Amid Budget Uncertainty
National Grid Posts Slightly Stronger-Than-Expected Half-Year Profit as Regulatory Investments Drive Growth
UK Business Lobby Urges Reeves to Break Tax Pledges and Build Fiscal Headroom
UK to Launch Consultation on Stablecoin Regulation on November 10
UK Savers Rush to Withdraw Pension Cash Ahead of Budget Amid Tax-Change Fears
Massive Spoilers Emerge from MAFS UK 2025: Couple Swaps, Dating App Leaks and Reunion Bombshells
Kurdish-led Crime Network Operates UK Mini-Marts to Exploit Migrants and Sell Illicit Goods
UK Income Tax Hike Could Trigger £1 Billion Cut to Scotland’s Budget, Warns Finance Secretary
Tommy Robinson Acquitted of Terror-related Charge After Phone PIN Dispute
Boris Johnson Condemns Western Support for Hamas at Jewish Community Conference
HII Welcomes UK’s Westley Group to Strengthen AUKUS Submarine Supply Chain
Tragedy in Serbia: Coach Mladen Žižović Collapses During Match and Dies at 44
Diplo Says He Dated Katy Perry — and Justin Trudeau
Dick Cheney, Former U.S. Vice President, Dies at 84
Trump Calls Title Removal of Andrew ‘Tragic Situation’ Amid Royal Fallout
UK Bonds Rally as Chancellor Reeves Briefs Markets Ahead of November Budget
UK Report Backs Generational Smoking Ban Ahead of Tobacco & Vapes Bill Review
UK’s Domino’s Pizza Group Reports Modest Like-for-Like Sales Growth in Q3
UK Supplies Additional Storm Shadow Missiles to Ukraine as Trump Alleges Russian Underground Nuclear Tests
High-Profile Broodmare Puca Sells for Five Million Dollars at Fasig-Tipton ‘Night of the Stars’
Wilt Chamberlain’s One-of-a-Kind ‘Searcher 1’ Supercar Heads to Auction
Erling Haaland’s Remarkable Run: 13 Premier League Goals in 10 Matches and Eyes on History
UK Labour Peer Warns of Emerging ‘Constituency for Hating Jews’ in Britain
UK Home Secretary Admits Loss of Border Control, Warns Public Trust at Risk
President Trump Expresses Sympathy for UK Royal Family After Title Stripping of Prince Andrew
Former Prince Andrew to Lose His Last Military Title as King Charles Moves to End His Public Role
King Charles Relocates Andrew to Sandringham Estate and Strips Titles Amid Epstein Fallout
Two Arrested After Mass Stabbing on UK Train Leaves Ten Hospitalised
Glamour UK Says ‘Stay Mad Jo x’ After Really Big Rowling Backlash
Former Prince Prince Andrew Faces Possible U.S. Congressional Appearance Over Jeffrey Epstein Inquiry
UK Faces £20 Billion Productivity Shortfall as Brexit’s Impact Deepens
UK Chancellor Rachel Reeves Eyes New Council-Tax Bands for High-Value Homes
UK Braces for Major Storm with Snow, Heavy Rain and Winds as High as 769 Miles Wide
U.S. Secures Key Southeast Asia Agreements to Reshape Rare Earth Supply Chains
US and China Agree One-Year Trade Truce After Trump-Xi Talks
BYD Profit Falls 33 % as Chinese EV Maker Doubles Down on Overseas Markets
US Philanthropists Shift Hundreds of Millions to UK to Evade Regulatory Uncertainty in Trump Era
×