Corruption Trial Opens for Ex-Goldman Banker in 1MDB Scandal

February 14, 2022

NEW YORK — A federal jury in Brooklyn will hear opening statements Monday in the corruption trial of a former Goldman Sachs executive charged in the multibillion-dollar ransacking of a Malaysian state investment fund.

Roger Ng’s own lawyers describe the looting of $4.5 billion from the 1MDB state investment fund as “perhaps the single largest heist in the history of the world.” But they contend U.S. prosecutors scapegoated the former banker for Goldman’s “corporate-wide” failures that enabled the colossal fraud.

In fact, his attorneys contend, it was Ng who raised the earliest red flags about Low Taek Jho, the Malaysian financier and fugitive known as Jho Low who is accused of masterminding the massive money laundering and bribery scheme.

Federal prosecutors say the embezzlement bankrolled lavish spending on jewels, art, a superyacht and luxury real estate. The spoils even helped finance Hollywood movies, including the 2013 Leonardo DiCaprio film “The Wolf of Wall Street.”

A former head of investment banking in Malaysia, Ng is the only Goldman banker to stand trial in the 1MDB scandal. The proceedings in Brooklyn federal court are expected to last several weeks.

Ng, 49, has pleaded not guilty to counts of conspiring to launder money and violating an anti-bribery law. Federal prosecutors say he conspired with Low to launder pilfered funds through the U.S. financial system. They say he played a key role in a scheme in which laundered money also was used to bribe foreign officials.

Marc Agnifilo, a defense attorney for Ng, declined to comment. Agnifilo wrote in court papers that Ng “was absolutely not involved in the stunning crimes committed by others.” Ng’s only role, he said, was introducing Low to “far more involved” superiors at Goldman.

“In perhaps the most amazing twist of the case, it was Roger Ng who as early as March 2010 specifically warned his superiors at Goldman that Low was a politically exposed person, that Low was not to be trusted, and that Goldman should use caution in dealing with Low,” the defense attorney wrote.

A message was sent to Goldman Sachs seeking comment. A Goldman Sachs subsidiary admitted “knowingly and willfully” conspiring to violate U.S. anti-bribery laws, agreeing to pay more than $2.9 billion. The penalties included roughly $600 million in profits Goldman made off the 1MDB scandal. That came on top of $3.9 billion Goldman paid Malaysia.

Low, who maintains his innocence, became well known in the New York City and Los Angeles club scenes. In 2012, he threw a lavish 31st birthday bash attended by DiCaprio, Kim Kardashian and other celebrities — a fête described by The Wall Street Journal as the “wildest party (Las) Vegas ever saw.”

Bond sales organized by Goldman Sachs for the 1MDB investment fund provided a way for associates of Najib Razak, the former prime minister of Malaysia, to steal and launder billions over several years.

Najib set up 1MDB when he took power in 2009, ostensibly to accelerate Malaysia’s economic development. But the fund amassed billions in debts and, in 2018, ultimately brought down his government. In 2020, he was convicted in Malaysia of abuse of power and other charges and sentenced to 12 years in jail.

Another former Goldman banker, Tim Leissner, pleaded guilty in 2018 to paying millions of dollars in bribes and kickbacks to government officials in Malaysia and Abu Dhabi. He was ordered to forfeit $43.7 million as part of his guilty plea and is expected to testify against Ng.



CANNES, France (AP) — Donald Trump’s reelection campaign called “The Apprentice,” a film about the former U.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Sour Patch Kids Oreos? Peeps Pepsi? What’s Behind the Weird Flavors Popping Up on Store Shelves

Van Leeuwen Ice Cream usually draws customers with gourmet takes on classics like vanilla and pistachio.

Artificial Intelligence will provide us with one surprise – hopefully mainly good ones – after another far into the future, but for some people, especially writers and readers of science fiction, some of the news will be old news.

NEW YORK – Teatro Grattacielo presents The Young Artists Series: G.

NEW YORK – Effie Lazaridou, CEO of New Agriculture New Generation (NANG), spoke with The National Herald about the organization which she has led since it began in 2018 and which aims to create employment and entrepreneurship opportunities for young people in the agrifood industry in Greece.

PORT-AU-PRINCE, Haiti  — Haiti’s main international airport reopened Monday for the first time in nearly three months after relentless gang violence forced authorities to close it.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.