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Closing arguments heard in ex-Goldman banker Roger Ng trial

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A former Goldman Sachs banker ought to be convicted of serving to loot billions of {dollars} from Malaysia’s 1MDB sovereign wealth fund and inflicting “immeasurable” hurt, a US prosecutor advised jurors in her closing argument on Monday.

However a lawyer for the defendant Roger Ng, Goldman’s former high funding banker for Malaysia, countered that Ng had been falsely implicated within the looting by his former boss Tim Leissner, the government’s star witness.

Ng, 49, has pleaded not responsible to conspiring to launder cash and violating an anti-corruption legislation.

Prosecutors stated he helped Leissner embezzle lots of of thousands and thousands of {dollars}, launder the proceeds and bribe officers to win enterprise for Goldman.

Assistant US Lawyer Alixandra Smith stated Ng acquired greater than $35 million in kickbacks from the “brazen” bribery and cash laundering scheme, and have to be held accountable.

“The hurt to the individuals of Malaysia is immeasurable,” she advised. “It’s deeply unfair to everybody else who performs by the principles.”

Ng’s lawyer Marc Agnifilo stated throughout his closing argument that there was “no proof” his consumer was responsible.

Russell Simmons, Shannon Elizabeth, Kimora Lee Simmons, and Tim Leissner in 2014.
Russell Simmons, Shannon Elizabeth, Kimora Lee Simmons, and Tim Leissner in 2014.
Getty Photographs for The Weinstein Firm

Agnifilo as a substitute blamed Leissner, 52, who pleaded responsible to comparable fees as Ng, and who the protection believes cooperated with prosecutors within the hope of getting a lighter sentence.

“He by no means stopped mendacity ever, and he didn’t cease mendacity on this courtroom,” Agnifilo stated, referring to Leissner.

The almost two-month trial stemmed from one of many biggest financial scandals in history.

Prosecutors have stated Goldman helped 1MDB elevate $6.5 billion via three bond gross sales, however that $4.5 billion was diverted to authorities officers, bankers and their associates via bribes and kickbacks.

Ng is the primary, and sure solely, particular person to face trial in the US over the scheme. Goldman in 2020 paid an almost $3 billion superb and its Malaysian unit agreed to plead responsible.

Agnifilo has stated Ng launched Leissner to Malaysian financier Jho Low, the scheme’s suspected mastermind. He stays at massive.

Smith acknowledged that Leissner was searching for leniency by testifying, however stated different testimony backed up his story.

“What he advised you concerning the crimes he dedicated with the defendant and others is backed up by and in step with different proof,” Smith stated. “You already know the defendant is responsible from the opposite proof.”

Roger Ng
The almost two-month trial stemmed from one of many largest monetary scandals in historical past.
AP

Leissner testified that he despatched Ng $35 million in kickbacks with the lads agreeing to inform banks processing the transfers a “cowl story” that the cash was from a reliable enterprise enterprise between their wives. learn extra

Ng’s spouse, Hwee Bin Lim, testified final week that she invested $6 million in the mid-2000s in a Chinese language firm owned by the household of Leissner’s then-wife, Judy Chan.

She stated the $35 million in alleged kickbacks to her husband have been in truth her return on that funding. 

Low was indicted in 2018 alongside Ng. Malaysian authorities say Low is in China, which Beijing denies.