He is the key witness for the prosecution, maintaining that he, his ex-business associate Ng and Joh Low, another Asian financier, embezzled $4.5 billion in funds from the Malaysian government. Leissner revealed this news on Tuesday, March 8, during his testimony in the ongoing embezzlement trial of his former Goldman Sachs associate, Roger Ng. The Def Jam founder filed a lawsuit against the banker for allegedly transferring and using his shares from Celsius’s energy drink company as collateral for Leissner’s bond for one of his court cases. Simmons would eventually sue Leissner for some shady business dealings. This may have been one of the invitations Lee thought she was extending to Chan. Bart’s on the luxurious super motor yacht the Solema. Paparazzi captured one moment in 2013 that Lee and Leissner hung out with her former husband and oldest daughter’s father, hip-hop mogul, Russell Simmons, for a $350,000-a-week family holiday getaway in St. Malaysia has said Low is in China, which Beijing denies.Vacationing with exes and their blended families is not abnormal for Lee. prosecutors indicted Low in 2018, but he has not been arrested by American or Malaysian authorities. Goldman in 2020 paid a nearly $3 billion fine and arranged for its Malaysian unit to plead guilty in U.S. Leissner testified on Thursday that in 2013, while separated from Chan, he forged divorce papers in order to marry Kimora Lee Simmons, the American model and former wife of U.S. Department of Justice delayed disclosing about 15,500 documents related to Leissner to the defense.Īgnifilo signaled in his opening statement that he will challenge Leissner's credibility by asking about his infidelity. He may question Leissner about the payment during cross-examination, which will not take place until next week because the U.S. His lawyer, Marc Agnifilo, has denied the payment was a kickback, and said the men's wives had a legitimate business together.Īgnifilo has said he plans to call Ng's wife, Hwee Bin Lim, to testify in her husband's defense. The statement could be problematic for Ng. Leissner said the story was untrue, and that he did not know if Ng, 49, relayed it to his bank. “His wife’s family had previously made an investment in my wife Judy’s business in China, and this was return of that investment,“ Leissner told the jury in Brooklyn federal court, referring to his former wife Judy Chan. Leissner, 52, said that after the first bond sale in 2012, he received $35 million from Low, and transferred half of it to Ng.īoth then discussed crafting a “cover story” to explain the payments so the banks processing the funds would not grow suspicious, Leissner said. prosecutors say $4.5 billion of the $6.5 billion Goldman raised for 1MDB was diverted to government officials bankers and their associates through bribes and kickbacks. The charges stem from one of the biggest financial scandals in history, in which U.S. Leissner testified after pleading guilty to money laundering and corruption charges, while Ng has pleaded not guilty to conspiring to commit money laundering and violating an anti-corruption law. Tim Leissner, who had been Ng's supervisor at Goldman before becoming the star government witness against him, said he received kickback payments from a Malaysian intermediary, Jho Low, for helping embezzle funds Goldman raised for 1MDB through three bond sales. NEW YORK: Two Goldman Sachs bankers concocted a scheme involving their wives to conceal kickbacks they received for helping to loot Malaysia's 1MDB sovereign wealth fund, one of the bankers testified on Thursday at the corruption trial of the other, Roger Ng.
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