Business

Closing arguments heard in ex-Goldman banker Roger Ng trial

A former Goldman Sachs banker needs to be convicted of serving to loot billions of {dollars} from Malaysia’s 1MDB sovereign wealth fund and inflicting “immeasurable” hurt, a US prosecutor instructed 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 federal 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 a whole lot of hundreds of thousands of {dollars}, launder the proceeds and bribe officers to win enterprise for Goldman.

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

“The hurt to the individuals of Malaysia is immeasurable,” she instructed. “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.
Getty Photographs for The Weinstein Firm

Agnifilo as an alternative blamed Leissner, 52, who pleaded responsible to related costs 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 practically two-month trial stemmed from one of many greatest monetary scandals in historical past.

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

Ng is the primary, and sure solely, individual to face trial in america over the scheme. Goldman in 2020 paid an almost $3 billion tremendous 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 looking for leniency by testifying, however stated different testimony backed up his story.

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

Roger Ng
The practically two-month trial stemmed from one of many greatest 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 official enterprise enterprise between their wives. learn extra

Ng’s spouse, Hwee Bin Lim, testified final week that she invested $6 million within 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 actually her return on that funding. 

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

Show More

Related Articles

Back to top button