Kuala Lumpur: Former Goldman Sachs banker Roger Ng Chong Wa testified in the High Court today that he was acquainted with fugitive businessman Low Taek Jho, also known as Jho Low, during the formation of the Terengganu Investment Authority (TIA) in 2009, which later became 1Malaysia Development Berhad (1MDB).
According to BERNAMA News Agency, Ng, 53, who was sentenced to 10 years in prison in New York in 2023 for his role in the embezzlement of 1MDB funds, stated this during questioning by Datuk Seri Najib Tun Razak’s lead counsel, Tan Sri Muhammad Shafee Abdullah. This was part of the trial concerning the alleged misappropriation of RM2.3 billion from 1MDB by the former premier.
Ng recalled, “There were rumours that the Terengganu government wanted to set up a sovereign wealth fund. This was back in 2009, when I was working in the investment banking division of Goldman Sachs.”
When Muhammad Shafee inquired whether Jho Low had approached Ng to connect with Goldman Sachs, Ng responded, “As for the client onboarding process at Goldman Sachs, my recollection is that we typically engage with potential clients. I would say we were always on the lookout for potential clients. I can’t recall who approached whom first, but in general, it’s a mutual process.”
Ng, serving as the 25th defense witness, also mentioned that his former superior, Tim Leissner, had been charged and pleaded guilty in connection with 1MDB-related transactions, while Jho Low was charged in absentia.
Muhammad Shafee further questioned Ng on whether there were any charges of conspiracy with Datuk Seri Najib against him or his associates. Ng replied, “I don’t believe so.”
Justice Datuk Collin Lawrence Sequerah had previously ruled on October 30 of the last year that the prosecution had established a prima facie case, requiring Najib to present his defense. Najib, 71, is currently facing a total of 25 charges, including four counts of abuse of power to accept RM2.3 billion in bribes from 1MDB funds and 21 charges of money laundering involving the same amount.
The trial is scheduled to resume on May 5.