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US prosecutors have questioned the testimony of former banker Goldman’s wife in the 1MDB trial

FILE PHOTO: Ex-Goldman Sachs banker Roger Ng arrives for his criminal trial at the United States Courthouse in Brooklyn, New York
FILE PHOTO: Ex-Goldman Sachs banker Roger Ng arrives for his criminal trial at the United States Courthouse on February 22, 2022 in Brooklyn, New York, United States. REUTERS/Eduardo Munoz

March 29, 2022

By Luc Cohen

NEW YORK (Reuters) – U.S. prosecutors on Tuesday tried to question the testimony of the wife of a former Goldman Sachs banker, who is on trial over allegations that he helped loot Malaysia’s sovereign wealth fund 1MDB.

Roger Ng, former Goldman Malaysia chief, faces charges of conspiracy to launder money and violating an anti-corruption law. Prosecutors say he helped his former boss, Tim Leissner, embezzle money from the 1MDB development fund, launder the proceeds and bribe officials to win contracts for Goldman.

Ng, 49, has pleaded not guilty.

Hwee Bin Lim, Ng’s wife, testified Monday that she made a $6 million investment in a Chinese company owned by the family of Judy Chan, Leissner’s then-wife, in the mid-2000s. Lim said she received around $35 million in return on this investment in 2012 and 2013.

But prosecutors say the money represented kickbacks paid by Leissner Ng from the 1MDB program. Under cross-examination by Assistant US Attorney Alixandra Smith on Tuesday, Lim said she no longer possessed a bilateral agreement she signed with Chan describing the deal and had no written updates on investment performance.

Smith repeatedly asked Lim why, despite her training as a corporate attorney, she did not press for documents or keep records.

“For investing in China, it makes no sense to have documents,” Lim said. “Where can I enforce it?”

Leissner, who pleaded guilty to allegations similar to Ng’s in 2018, testified last month that the investment, in which the two men’s wives were involved, was a “cover story” to explain the kickback payments to allow the banks that would process the transfer would not become suspicious.

The charges stem from one of the biggest financial scandals in history, in which US prosecutors say $4.5 billion of the $6.5 billion Goldman had raised for 1MDB and earmarked for Malaysia’s economic development was instead used through bribes and kickbacks.

Goldman paid a nearly $3 billion fine in 2020 and caused its Malaysian unit to plead guilty in a US court.

(Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Aurora Ellis)

https://www.oann.com/u-s-prosecutors-cast-doubt-on-ex-goldman-bankers-wife-testimony-at-1mdb-trial/?utm_source=rss&utm_medium=rss&utm_campaign=u-s-prosecutors-cast-doubt-on-ex-goldman-bankers-wife-testimony-at-1mdb-trial US prosecutors have questioned the testimony of former banker Goldman’s wife in the 1MDB trial

DUSTIN JONES

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