By Luc Cohen

NEW YORK (Reuters) -Closing arguments started on Monday within the U.S. trial of a former Goldman Sachs (NYSE:) banker accused of serving to loot Malaysia’s 1MDB growth fund, with a U.S. prosecutor urging jurors to not low cost testimony from the federal government’s star witness as a result of he was in search of leniency.

Roger Ng, Goldman’s former high funding banker for Malaysia, faces expenses he helped his then-boss Tim Leissner embezzle tons of of thousands and thousands of {dollars} from the fund, launder the proceeds and bribe officers to win enterprise for Goldman.

Ng, 49, has pleaded not responsible to conspiring to launder cash and violating an anti-corruption regulation. Leissner, 52, pleaded responsible to comparable expenses in 2018 and agreed to cooperate with prosecutors as their star witness.

In her closing argument, Assistant U.S. Legal professional Alixandra Smith acknowledged that Leissner was in search of leniency by testifying, however jurors needn’t rely solely on his testimony.

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

The almost two-month trial stemmed from one of many greatest monetary scandals in historical past.

U.S. prosecutors have stated Goldman helped 1MDB increase $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 certain solely, individual to face trial in the US over the scheme. Goldman in 2020 paid a virtually $3 billion wonderful and its Malaysian unit agreed to plead responsible.

Marc Agnifilo, a lawyer for Ng, has stated his consumer launched Leissner to Malaysian financier Jho Low, the scheme’s suspected mastermind, however Ng had no function in looting 1MDB.

Prosecutors countered that Ng sought to cover Low’s involvement from Goldman as a result of financial institution officers had been suspicious.

Smith stated Ng mentioned 1MDB offers a number of occasions via his private e-mail account, a violation of Goldman’s guidelines.

“There was no motive for him to be forwarding Goldman paperwork to his private account,” Smith stated.

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 authentic enterprise enterprise between their wives.

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 Ng had been in actual fact her return on that funding.

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