[UPDATED] ‘My greed, ambition took over’: Leissner testifies against Roger Ng in 1MDB trial

KUALA LUMPUR – Former Goldman Sachs partner Tim Leissner told the court that it was “greed and ambition” that motivated his involvement in the 1Malaysia Development Bhd (1MDB) financial scandal.

Leissner, who is the star witness in the trial of former colleague Roger Ng, said bringing 1MDB’s multi-million-dollar deal with the United States investment bank “instantaneously made us heroes”.

He alleged that Ng had in 2008 fostered a relationship with fugitive Low Taek Jho, also known as Jho Low, who was then the intermediary between Goldman and 1MDB, Reuters reported.

It later led to Goldman selling US$6.5 billion (RM27.2 billion) in bonds for 1MDB and making US$600 million in fees.

“My greed and ambition took over,” Leissner was quoted as saying, and that the repercussions had destroyed his life.

“The main focus for me was whatever it takes to get these transactions done for Goldman Sachs.”

Leissner also testified that Low made a list of people in Malaysia and Abu Dhabi who needed to be bribed to ensure that the 1MDB plan was approved.

He added that a company based in Abu Dhabi was acting as guarantor for 1MDB on the deal to raise US$1.75 billion.

Among the names in his testimony were former prime minister Datuk Seri Najib Razak and United Arab Emirates Deputy Prime Minister Sheikh Mansour.

Leissner alleged that Low said the Sheikh “wouldn’t get out of bed for anything less than US$100 million”.

Ng’s trial started Monday (US time) in Brooklyn’s federal court. He was Goldman’s former head of investment banking in Malaysia. 

Yesterday, Alex Cohen testified in Ng’s trial. Cohen is the chief financial officer of Strategic Group, an entertainment and marketing company that organised parties for Low.

He told the court that millions of dollars drained in the 1MDB scandal were spent by Low on luxurious parties and celebrity guests.

According to Bloomberg, Cohen testified that Low had provided Strategic Group with at least 25% of its profits in 2012, paying US$5,000 just for the talent scouting for one particular event – all with the roughly US$700 million allegedly sourced by Low from 1MDB.

The jury in Brooklyn, New York, also heard about invoices from a Las Vegas party for Low, where expenses such as food, beverages, “talent” and “top quality models” added up to more than US$3.6 million.

Bloomberg further reported that the jury panel was told about “celebrity fees” paid to Hollywood stars such as Leonardo DiCaprio (US$250,000), Paris Hilton (US$100,000), Megan Fox (US$250,000), and Kim Kardashian (US$50,000).

Ng, 49, is facing accusations of pocketing millions of dollars in kickbacks in the 1MDB deal, with allegations of money laundering and violating anti-bribery laws.

Meanwhile, Ng’s defence counsel Marc Agnifilo said his client had no role in the scheme, instead Leissner lied about Ng’s role.

Agnifilo in his opening statement portrayed Leissner as a socialite who stole to finance a lavish lifestyle, reported Reuters.

Leissner pleaded guilty in 2018 for his involvement in the financial scandal, while Goldman reached a deal with the US Justice Department to pay more than US$2 billion for its role.

It is expected that Leissner will get a lighter punishment.

Low was charged in the US in 2018, however, he remains a fugitive. – The Vibes, February 17, 2022