KUALA LUMPUR – Convicted former Goldman Sachs banker Roger Ng is suing ex-boss Tim Leissner for over US$130 million (RM611 million) that the latter allegedly stole from him.
Reuters reports a complaint filed in a New York state court in Manhattan, in which Ng accused Leissner of “repeatedly lying” so as to steal Ng’s investments in two companies, one dealing with energy drinks and the other in artificial intelligence (AI).
Both Ng and Leissner are implicated in the 1Malaysia Development Bhd (1MDB) scandal, as Goldman Sachs had facilitated 1MDB bonds and charged unusually high fees.
Ng was convicted in New York in April this year of conspiracy to violate United States anti-bribery laws and for money laundering in looting 1MDB funds. He faces up to 30 years in prison and is awaiting sentencing.
Leissner, who testified against Ng, had pleaded guilty to bribery and money laundering charges involving 1MDB funds in 2018, making Ng the only Goldman Sachs banker to have faced trial for corruption involving the Malaysian state investment firm.
In his complaint against his ex-boss, Ng accused Leissner of stealing investment money to be used for defence costs, leaving Ng deprived of funds to defend himself and appeal his conviction, Reuters said, citing the court documents.
The investments Leissner allegedly stole are US$1.25 million in energy drink company Celsius Holdings, which are now worth more than US$130 million, as well as US$1 million that was meant for Ng to buy half of Leissner’s interest in the AI company Sentient Technologies.
Ng in his complaint said he only learned of the alleged theft by Leissner in May 2021 when the latter and his wife Kimora Lee Simmons were sued by Simmon’s ex-husband.
Goldman Sachs in October 2020 agreed to pay US$3 billion in returns to Malaysia as well as to regulators in the US, the United Kingdom, Hong Kong and Singapore as settlements to avoid further prosecution. – The Vibes, November 12, 2022
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