The trial of an ex-Goldman banker has shifted to a different venue after the jury rejected his request to testify against former Malaysian prime minister Najib Razak. Now, the prosecution is set to close its case on Tuesday. The defense is focusing on how Roger Ng misled the government, including by claiming he was not involved in the 1MDB scandal. The prosecution argues that Mr. Ng lied about his involvement in the scheme in order to spare himself jail time.
The prosecution is examining Ng’s bank account and financial records. He is accused of laundering hundreds of millions of dollars from Malaysia’s sovereign wealth fund. In the scheme, he and other former Goldman bankers allegedly paid bribes to Malaysian officials and embezzled the money. The company agreed to pay $2.9 billion in penalties and admit to criminal wrongdoing, but Ng’s trial is underway, and the prosecution will present its final arguments Monday.
Tim Leissner, an ex-Goldman banker, pleaded guilty to charges related to the looting of 1MDB, which totaled $4.5 billion. As part of the guilty plea, he forfeited $43.7 million in damages. His defense team says his client did not take part in the scheme, but was a victim of it.
The trial began Tuesday with a jury’s verdict, and now the closing arguments will begin. At the hearing, Leissner testified that he was unaware of the bribe payments. He admitted that he had lied to his firm about the bribes to 1MDB, but denied any wrongdoing. After the jury deliberated the case, the prosecution will give its closing arguments.
Roger Ng pleaded not guilty to all three charges related to the 1MDB development fund. He is accused of helping his former boss, Tim Leissner, to embezzle money from the fund. He also helped his former boss launder the proceeds and bribed officials in order to win a lucrative business with Goldman. Although he has pleaded not guilty, he admitted to introducing Jho Low to his friend in Malaysia.
In the first day of the trial, the jury will hear closing arguments for two of the bankers. The trial will continue to go on until the end of the week. The government will have its star witness, Roger Ng, for closing arguments. He will be cross-examined by the government. If the judge finds him guilty, the jury will decide on the sentence. The jury will hear the testimony of Leissner before making a ruling.
The trial has now entered its final phase. The case involves two ex-Goldman bankers, Tim Leissner and Ng, who are accused of conspiring to steal funds from the 1MDB. The former Goldman executives’ conviction will result in a $4.5 billion fine. It is expected to go on for several weeks, as the closing arguments are key to the prosecution’s case.