Former Goldman companion says greed, ambition motivated bribery for 1MDB fund

An ex-Goldman Sachs banker testified in federal court on Wednesday that greed and ambition motivated his participation in a large bribery scheme that stole billions of dollars from the Malaysian sovereign wealth fund 1MDB.
The former chief of Goldman’s Southeast Asia operation — Tim Leissner — is the high profile witness within the legal trial of Roger Ng, former head of investment banking in Malaysia.
The trial began in federal court on Monday in Brooklyn, New York.
Economical is accused of receiving hundreds of thousands of dollars in kickbacks for his involvement in embezzling funds from 1MDB and for helping to type a relationship with the Malaysian finances Jho Low, who was the main mediator between 1MDB and the bank.
However, Ng’s lawyer on Wednesday asserted that Ng did not play a job within the embezzlement scheme allegedly dedicated by Low and Leissner.
Leissner stated in 2012 that those who would need to be bribed included the then Malaysian Prime Minister Datuk Seri Nab Razak.
Malaysian authorities accuse the former PM of having obtained more than US$1 billion linked to the fund.
Razak, who was voted out of workplace in 2018, has denied wrongdoing and appealed a 12-year jail sentence.
Meanwhile, Ng has pleaded not guilty in conspiring to violate an anti-bribery law and have interaction in cash laundering.
In a 2018 trial, Leissner pleaded guilty to similar expenses and agreed to cooperate with the government’s ongoing felony investigation.
He stated that his greed and ambition took over, however that the implications of his actions had destroyed his life.
1MDB earned US $600 million in fees and bought for US$6.5 billion in bonds for the fund.
In 2020, the bank paid a large fantastic of almost US$3 billion and made arrangements for its Malaysian branch to plead responsible in US court..

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