1MDB scandal: Former Goldman Malaysia boss found guilty
Written byTimes Magazine
Ng's lawyer said he was a "fallen man" and attacked the credibility of key government witness Tim Leisner, who was Ng's boss at Goldman Sachs, and pleaded guilty to his role in the 2018 scandal.
But after nearly two months of trial and days of deliberations, a New York jury convicted Ng of conspiring to launder money and violate anti-corruption laws.
US prosecutors said the decision was "a victory for the rule of law and the Malaysian people."
"The defendant and his associates saw 1MDB not as an entity that did good to the Malaysian people, but as a piggy bank that enriched itself with the heaps of money drawn from the fund," said US Attorney Breon Peace.
What is the 1MDB scandal about?
The allegations stem from bond deals that Goldman helped organize in 2012 and 2013 that raised $6.5 billion (£5 billion) for the 1MDB fund, which was set up to finance social development projects.
Authorities say more than $4 billion has been stolen and spent on art, diamonds, and property - even to fund the Hollywood film The Wolf of Wall Street.
Prosecutors said Goldman Sachs bankers helped organize money laundering, partly paid as bribes to employees in Malaysia and Abu Dhabi to win business for the bank.
Prosecutors said Ng, 49, was at the heart of the program and introduced Leisner to Sino-Malaysian financier Joe Lowe, the alleged organizer, and confidant of former Malaysian Prime Minister Najib Razak.
Malaysia's former prime minister has been sentenced to 12 years in prison for corruption.
They told the court that Ng, who worked for Goldman from 2005 to May 2014, received a $35 million ransom for his role.
Ng's team said the payments were part of a legitimate business deal with his wife.
Ng, who could face decades in prison, can appeal, Agnifilo said. In 2020, Goldman struck a $3.9 billion deal with the Malaysian government over its role in a $1 billion corruption scheme. He also paid nearly $3 billion to four state agencies to end investigations into his work for 1MDB.
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