Goldman Sachs Group’s former Southeast Asia chairman, Tim Leissner, will testify against his former colleague in a trial over the multibillion-dollar looting of a Malaysian state investment fund.
Roger Ng, Goldman’s former head of investment banking in Malaysia, is the only Goldman banker to go on trial for the looting of $4.5 billion from the 1MDB state investment fund.
Leissner is expected to be the star witness in the case against his former subordinate Ng. The former chairman had pleaded guilty in August 2018 to conspiring to launder money and agreed to cooperate in the government’s investigation of the scandal, in a bid to reduce his sentence.
Ng has pleaded not guilty and his lawyers defended that he had no role in the bribery scheme allegedly orchestrated by Leissner and Jho Low, a Malaysian financier accused of intermediating Goldman’s transactions with 1MDB.
Leissner will likely be questioned on Wednesday about Ng’s role in the embezzlement scheme. “He’ll give you an inside view of this bribery and money laundering scheme,” prosecutor Brent Wible said in court on Monday.
Both Leissner and Ng are facing decades of prison time for their work together in the scandal.
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