Malaysian Ex PM Najib Given 12 Years In Jail In 1MDB Scandal

Former Malaysian prime minister Najib Razak is asking a U.S. court to let his lawyers seek documents and testimony from >Goldman Sachs Group Inc. to help in his defense against criminal charges in Malaysia over the 1MDB scandal.

In a filing on Tuesday in federal court in Manhattan, Najib requested a court order that would permit his attorneys to serve subpoenas on the company and its former Southeast Asia chair, Tim Leissner. Leissner has pleaded guilty in federal court in Brooklyn, New York, and admitted to bribing officials in Malaysia and the United Arab Emirates to get bond deals for the bank. Goldman Sachs has agreed to pay more than $5 billion, including a record $2.3 billion fine in the U.S., and enter its first-ever guilty plea for its role in the scandal.

Najib Returns to Court After Warning Malaysia Election Likely If Political Uncertainty Continues

Najib Razak exits court in Kuala Lumpur, on June 4.

Photographer: Samsul Said/Bloomberg

Goldman spokesman Andrew Williams didn’t immediately respond to an email seeking comment on Najib’s request. Henry Mazurek, a lawyer for Leissner, declined to comment on the filing.

>QuickTake: How Malaysia’s 1MDB Scandal Shook the Financial World

Najib was >sentenced to 12 years in prison in Malaysia in July in connection with the scandal but is out on bail and is appealing his conviction. In his request, he said Goldman and Leissner probably have documents or testimony showing that officials of 1MDB were involved in the scheme to defraud the state-owned investment fund, received kickbacks or bribes and are now falsely implicating him to avoid responsibility.

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“Leissner and his co-conspirators took many steps to shroud the money trail,” Najib said in court papers. He said he was misled about the origin of funds that went into his account and believed they were political donations by the late King Abdullah of Saudi Arabia. “This effort spanned continents and multiple jurisdictions, included the deployment of an array of shell companies, and involved numerous individuals,” he said.

The U.S. Justice Department says that some $2.7 billion of the $6.5 billion Goldman Sachs helped raised for 1MDB was stolen by people connected to Najib and diverted for bribes, a luxury yacht, fine art and the like. Among those charged is a Malaysian financier known as Jho Low, the suspected mastermind of the fraud, who has denied wrongdoing and remains at large.

Leissner on Tuesday had his parents assigned to guarantee his $20 million bond. He is tentatively scheduled to be sentenced in January.

Read More

>Goldman Admits Role in Record $1.6 Billion 1MDB Bribe Spree

>Najib Found Guilty of All Charges in Former 1MDB Unit Trial

— With assistance by Patricia Hurtado

(Updates with further context in second-to-last paragraph.)
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    Source : https://www.bloomberg.com/news/articles/2020-11-17/goldman-sachs-faces-a-demand-for-1mdb-documents-by-ex-pm-najib

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