Kuala Lumpur, Malaysia
Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more

This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.

Goldman Sachs Southeast Asia Chairman Tim Leissner Arranged Finance Jobs for Malaysia PM Najib Children, Wives Front Business to Receive $35 Million Kickbacks

26th February 2022 | Singapore

In the ongoing trial of Malaysia 1MDB, ex-Goldman Sachs Southeast Asia Chairman Timothy Leissner testified that he and ex-Goldman Sachs banker Roger Ng had arranged for ex-Malaysia Prime Minister Najib Razak 3 children to get jobs at Goldman Sachs and used their wives to front $35 million of kickbacks.  In the end, Nooryana Najwa Najib, daughter of Najib Razak through the introductions, secured a job at top private equity firm TPG Capital in the analyst program, as a role at Goldman Sachs could be a conflict of interest with the Malaysia government & Goldman Sachs.  In another statement by Timothy Leissner, to avoid detection of a $35 million kickback, Timothy Leissner and Roger Ng fabricated a story to disguise the payment with Roger Ng’s wife having invested into Timothy Leissner’s ex-wife businesses in China and the incoming $35 million was a return on the investment.  Roger Ng lawyer had defended the payment was a kickback and that their wives were in a genuine business relationship. 

“ Goldman Sachs Southeast Asia Chairman Tim Leissner Arranged Finance Jobs for Malaysia PM Najib Children, Wives Front Business to Receive $35 Million Kickbacks “

Ex-Goldman Sachs Banker Roger Ng Receives $35 Million in 1MDB Kickbacks from Southeast Asia Chairman Timothy Leissner

Kuala Lumpur, Malaysia

United States prosecutors had presented in federal court opening trial on 14th February 2022 that ex-Goldman Sachs banker Roger Ng had received $35 million in  kickbacks from his then-boss Goldman Sachs Southeast Asia Chairman Timothy Leissner and alleged mastermind Jho Low for his role in the 1MDB Malaysia Sovereign Wealth Fund Scandal.  The defence by Roger Ng’s lawyer was the money belongs to his wife from a business venture with the ex-wife of Timothy Leissner.  The defence also described the $4.5 billion from 1MDB Malaysia state investment fund as “perhaps the single largest heist in the history of the world” but Roger had been made a scapegoat for failures at Goldman Sachs that enabled the fraud.   In 2010, the defendant Roger Ng had warned superiors that Jho Low  was a politically exposed person, and Goldman Sachs needs to exercise caution when dealing with Jho Low.  

Ads & Announcements


Malaysia 1MDB

Malaysia Flag

Founded in 2009 shortly after Najib Razak became Malaysia’s Prime Minister, 1MDB (1Malaysia Development Bhd) was set up as a sovereign investment fund to finance infrastructure projects and related economic projects to spur economic growth in Malaysia.

It became a political and financial scandal as the key businessman Jho Low who is believed to have masterminded the plan, had diverted the 1MDB funds to fund his personal and associates’ lifestyle, including making the Hollywood movie: Wolf of Wall Street, buying a $250 million yacht (Equanimity) and $35 million Bombardier private jet, giving lavish gifts to Victoria secret model Miranda Kerr and Hilton hotel heiress Paris Hilton, investing in luxury real estates, paintings and many more.


Goldman Sachs $6.5 billion Bonds Underwriting

Goldman Sachs, United States

In July 2020, Goldman Sachs agreed to pay $3.9 billion to the Government of Malaysia to resolve all 1MDB criminal and regulatory proceedings.  The in-principle agreement to pay $3.9 billion to the Government of Malaysia, comprises of $2.5 billion direct payment and a further guarantee of at least $1.4 billion of assets that had been seized by governments worldwide.

With the $3.9 billion settlement, the Government of Malaysia will withdraw all criminal charges and no further charges will be brought against Goldman Sachs, its subsidiaries, or any of their employees, except for former employees Tim Leissner and Roger Ng.

This in-principle agreement settles Malaysia’s probe of Goldman Sachs role in raising $6.5 billion through 3 bond sales for 1MDB between 2012 and 2013.  The $6.5 billion bond sales was led by Tim Leissner, who was Goldman Sachs Southeast Asia Chairman.  The leading American investment bank received $600 million in fees, representing more than 9% of the transaction.  The more than 9% underwriting fee of the $6.5 billion bond sales paid to Goldman Sachs is unusually high in investment banking, with fees generally decreasing as the deal size gets larger.


Malaysia AmBank Group to Pay $700 Million

Kuala Lumpur, Malaysia

In March 2021, AMMB Holdings (AmBank Group) agreed to a $700 million (MYR 2.83 billion) global settlement for AmBank Group’s involvement in Malaysia’s sovereign wealth fund 1MDB.

The $700 million (MYR 2.83 billion) settlement amount is in addition to the $13.2 million (MYR 53.7 million) penalty already imposed by Bank Negara Malaysia (BNM) and paid by the AmBank Group.


Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes

Najib Razak, Prime Minister of Malaysia from 2009 to 2018

In April 2021, former Prime Minister of Malaysia from 2009 to 2018, was served with a bankruptcy notice for failing to pay $408 million (MYR 1.69 billion) in unpaid taxes.

Najib Razak is currently facing corruption and money laundering charges over suspected theft of billions of dollars from 1MDB.

In a Facebook post on 6th April 2021, Najib Razak commented (In Malay Language) that the bankruptcy notice is an attempt to destroy his political career.  If declared bankrupt, he will not be able to have an official role in politics, would lose his seat as a member of parliament and not stand as an election candidate in future elections.


Malaysia Sues JP Morgan, Deutsche and Coutts for $2.93 Billion, Receives $452 Million from United States

Kuala Lumpur, Malaysia

In May 2021, the Malaysia Government filed a combined 22 civil suits to recover $23 billion of assets, including $2.93 billion from JP Morgan ($800 million), Deutsche Bank ($1.1 billion) and Coutts ($1.03 billion).

Malaysia’s Ministry of Finance also announced receiving $452 million into Malaysia’s Assets Recovery Trust Account from the United States Department of Justice (DOJ), for funds seized related to the 1Malaysia Development Berhad (1MDB).


1MDB Recovered Funds, $3.97 Billion

In June 2021, the Malaysia Government has received $80 million of 1MDB seized funds from Deloitte PLT, with a total of $3.97 billion (MYR 16.386 billion) seized and repatriated 1MDB funds received to-date.

The recovered funds deposited into Malaysia’s Assets Recovery Trust Account under the custody of the Accountant General’s Department of Malaysia, will be used to repay and service 1MDB and SRC’s remaining debts.  The total of $3.97 billion (MYR 16.386 billion) seized and repatriated 1MDB funds to-date, excludes the $700 million (MYR 2.83 billion).  

[To date, the Government has repaid RM12.54 billion of 1MDB’s debt and RM3.1 billion of SRC’s debt. The balance of debt still outstanding, comprising the principal and coupon/ profit/ interest of bonds, Sukuk and term loans, currently total RM39.66 billion (1MDB) and RM2.57 billion (SRC).]





2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

Register Below
Latest 2022 data & reports, insights & news
Every Saturday & Sunday 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

For Investors | Professionals | Executives

New to Caproasia?
Join 10,000 +
Learn More | Sign Up Today

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Subscribe / Sign Up / Contact Us

    Mailing ListFree TrialInvestor $680 YearlyProfessional $680 YearlyExecutive $2,000 Yearly

    Private WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights

    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014

    Web links may be disabled on mobile for security.
    Please click on desktop.

    Previous articleCredit Suisse Defends Leak on Ties with Criminals, Cases Date Back to 1940s
    Next article11 Hong Kong  Banks to Suspend Banking Services on Saturday, HSBC, Citibank, Standard Chartered & More
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia