Fugitive financier Jho Low, the alleged mastermind of the 1MDB scandal, stole US$1.42 billion from three bond transactions that Goldman Sachs Group arranged for the Malaysian wealth fund, an FBI agent who traced the funds testified.
Federal Bureau of Investigation agent Eric Van Dorn took the stand Monday at the trial of ex-Goldman banker Roger Ng in federal court in Brooklyn, New York. In addition to his testimony about Low, he told the jury that former Malaysian Prime Minister Najib Razak reaped US$756 million of the US$6.5 billion raised in the bond offerings, while his stepson, Riza Aziz, pocketed US$238 million.
Ng, the only Goldman banker to go on trial over the epic looting of sovereign wealth fund 1Malaysia Development Bhd, was charged with conspiring with Low and his former boss Tim Leissner in the massive fraud. Leissner, who pleaded guilty and is cooperating with the government, spent more than a week on the stand as the star prosecution witness against Ng. Low is not in custody and remains a fugitive.