Goldman Sachs corruption Trial commences in New York

Brooke Saaty, Editor in Chief

The Goldman Sachs corruption trial, held in the Brooklyn Federal Court, centers on Roger Ng, 49. Ng was the head of Goldman Sach’s business in Malaysia and is currently the only banker to stand trial. He is being accused of helping to steal $4.5 billion from the 1MBD state investment fund that was supposed to go toward helping improve Malaysia. ABC News has reported that Ng supposedly used bank accounts in his wife’s and mother-in-law’s names to hide the money that he stole. Ng faces up to 25 years in prison if he is convicted. According to NPR, Ng has pleaded not guilty to conspiring to launder money and violating anti-bribery laws.


Ng’s lawyer has claimed that Ng is being used as a scapegoat and that there were many other people who were far more involved in this scheme. According to the CourtHouse News Service, Low Taek Jho, a Malaysian businessman who is well known for throwing huge parties attended by famous people including Kim Kardashian, has been named as the mastermind for the scheme. Low claims to be innocent, though, and is currently a fugitive, supposedly living in China. Ng’s lawyer has also claimed that Ng was one of the first people to raise flags Low. 


In perhaps the most amazing twist of the case, it was Roger Ng who as early as March 2010 specifically warned his superiors at Goldman that Low was a politically exposed person, that Low was not to be trusted, and that Goldman should use caution in dealing with Low,”  said Marc Agnifilo, Ng’s defense attorney as reported by NPR.


The Courthouse News Service has also reported that Tim Leissner, Ng’s former boss and head of all Goldman Sach’s business in all of SouthEast Asia, has pleaded guilty to bribery and money laundering. As part of a deal he made, Leinssner forfeited $43.7 million and $200 million in shares to the government. Leinssner has also agreed to testify against Ng.


However, the case has been delayed as there was a problem with the government not releasing documents related to the case in time. So, the case has been delayed to give the defense time to review the new evidence.


“I am going to give the defense as much time as they need,” said Judge Margo K. Brodie, who is presiding over the case as reported by the New York Times.