NEW YORK, April 8 (Reuters) – A U.S. jury resumed deliberations on Friday in the demo of a former Goldman Sachs (GS.N) banker accused of helping loot billions of pounds from Malaysia’s 1MDB sovereign wealth fund.

Prosecutors say Roger Ng, Goldman Sachs Team Inc’s previous leading expense banker for Malaysia, helped his then-manager Tim Leissner embezzle money from the fund — which was established to go after progress tasks in the Southeast Asian country — launder the proceeds and bribe officers to gain company for Goldman.

Ng, 49, has pleaded not guilty to conspiring to launder income and violating an anti-corruption regulation. His attorneys say Leissner, who pleaded responsible to identical fees in 2018 and agreed to cooperate with prosecutors’ investigation, falsely implicated Ng in the hopes of obtaining a lenient sentence.

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The charges stemmed from one particular of the largest monetary scandals in heritage.

Prosecutors have said Goldman assisted 1MDB raise $6.5 billion as a result of three bond product sales, but that $4.5 billion was diverted to government officers, bankers and their associates by means of bribes and kickbacks among 2009 and 2015.

Ng is the first, and likely only, particular person to facial area trial in the United States above the scheme. Goldman in 2020 paid out a just about $3 billion fantastic and its Malaysian device agreed to plead responsible.

Deliberations began on Tuesday soon after a approximately two-month trial in federal court in Brooklyn.

Jurors read nine times of testimony from Leissner, who reported he sent Ng $35 million in kickbacks. Leissner said the gentlemen agreed to tell financial institutions a “protect story” that the money was from a authentic enterprise enterprise involving their wives.

Ng’s spouse, Hwee Bin Lim, later testified for the defense that the business enterprise was, in truth, legitimate. She stated she invested $6 million in the mid-2000s in a Chinese business owned by the household of Leissner’s then-wife, Judy Chan, and that the $35 million was her return on that investment decision.

Ng’s law firm, Marc Agnifilo, reported in his closing argument on Monday that Leissner could not be reliable. A prosecutor, Alixandra Smith, mentioned in her summation that Leissner’s testimony was backed up by other evidence.

Jho Low, a Malaysian financier and suspected mastermind of the scheme, was indicted along with Ng in 2018 but continues to be at substantial.

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Reporting by Luc Cohen in New York enhancing by Jonathan Oatis

Our Specifications: The Thomson Reuters Trust Concepts.


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