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U.S. jury deliberates in ex-Goldman banker’s 1MDB corruption trial -Breaking

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© Reuters. FILE PHOTO: Roger Ng, an ex-Goldman Sachs banker, and Marc Agnifilo, his attorney, leave New York’s federal court on May 6, 2019. REUTERS/Jeenah Moon/

By Luc Cohen

NEW YORK, (Reuters) – A U.S. juror resumed deliberations Friday on the case of a former Goldman Sachs banker who is accused of having helped to loot billions from Malaysia’s 1MDB sovereign asset fund.

Roger Ng is being prosecuted by the prosecution Goldman Sachs Group Inc (NYSE:). His former Malaysian top investment banker, Tim Leissner, assisted his boss to embezzle funds from the fund. The fund was established to support development projects in Southeast Asia. Leissner also bribed officials with the proceeds to secure business deals for Goldman.

Ng, 49 years old, has pleaded guilty to conspiracy to launder funds and to violating anti-corruption laws. According to his lawyers, Leissner pleaded guilty in 2018 to similar charges and cooperated with the prosecution’s investigation. He falsely accused Ng to get a lighter sentence.

These charges were a result of one the most scandalous financial transactions in human history.

Prosecutors claim that Goldman assisted 1MDB in raising $6.5 billion via three bonds sales. However, $4.5 billion of the $6.5 billion went to bankers, government officials and other associates using kickbacks, bribes, and other perks between 2009 and 2015.

Ng will be the first to stand trial in the United States for this scheme. In 2020, Goldman paid nearly $3 billion in fines and the Malaysian arm of Goldman pleaded guilty.

On Tuesday, the deliberations began after nearly two months of trial in Brooklyn federal court.

The evidence Leissner gave was nine days long. He claimed that he received Ng 35 million in kickbacks. Leissner stated that Leissner and his accomplices agreed to lie to banks about a cover story that said they were transferring money from legitimate business ventures between their wives.

Hwee bin Lim, Ng’s wife, later testified in support of her defense that the business venture had been legitimate. Hwee Bin Lim, her wife, testified that she made $6 million investment in China in 2000, in which company was owned by Judy Chan, the then-wife of Leissner. She also claimed that $35 million was the return.

Marc Agnifilo (Ng’s lawyer) stated Monday in his closing argument that Leissner was not to be trusted. Alixandra Smith, a prosecutor, stated in her summary that Leissner’s testimony had been supported by additional evidence.

Jho Low (a Malaysian financier who is suspected to be the mastermind of this scheme) was indicted along with Ng in 2018, but remains free.

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