Jho Low put Najib and UAE sheikh on bribe list, US court told

Jho Low put Najib and UAE sheikh on bribe list, US court told

Former Goldman Sachs banker Tim Leissner testifies that Jho Low drew two sets of names, each set to be paid US$100 million.

Former Goldman Sachs banker Tim Leissner said Jho Low was able to get a guarantee from Abu Dhabi’s sovereign wealth fund.
PETALING JAYA:
Alleged 1MDB mastermind Low Taek Jho (“Jho Low”) said Najib Razak and an Arab sheikh were among officials who had to be paid off for approval to raise and spend billions for the Malaysian wealth fund, a US jury has been told.

Former Goldman Sachs banker Tim Leissner, the star witness in the US government’s case against ex-Goldman banker Roger Ng, provided a description of the payment system for a jury in Brooklyn, New York, on Wednesday, the Bloomberg news service reported.

Leissner told of a meeting at Low’s home in Mayfair, London, where Low spelled out who he said needed to be paid off. On the list were officials from Malaysia and Abu Dhabi, including Malaysia’s then prime minister, Najib Razak, and Sheikh Mansour bin Zayed Al Nahyan, the deputy prime minister of the United Arab Emirates.

Low “said the sheikh would not get out of bed for less than US$100 million,” Leissner told the jury.

Sheikh Mansour has not been accused of wrongdoing by the US. The UAE government media office and UAE Foreign Ministry didn’t immediately respond to Bloomberg’s emailed request for comment.

Leissner was testifying against Ng, who has pleaded not guilty to money laundering, conspiracy and bribery charges. Leissner pleaded guilty in 2018 and his cooperation in the trial may help him get a reduced sentence.

The meeting Leissner described took place in 2012, not long before Goldman began work to raise US$1.75 billion for 1MDB, Leissner testified. He said 1MDB needed an outside guarantor for the debt it was about to take on, and Low was able to get that guarantee from the sovereign wealth fund of Abu Dhabi and its subsidiaries.

At the meeting, Low took out a piece of paper and “started drawing boxes,” Leissner told the court. On one side of the page were several boxes for Malaysian officials who needed to be paid off, and on the other were boxes for the Abu Dhabi officials, he said.

Low said that at the top levels, payments to the Malaysia and Abu Dhabi sides of the criminal enterprise “had to be the same and be perceived to be the same,” Leissner testified.

“In my mind, that meant both sides had to get US$100 million,” Leissner said. “I can’t say I was surprised,” he added, saying years of working in emerging markets had taught him that bribes and kickbacks were sometimes associated with projects involving government officials, Bloomberg reported.

At the end of his presentation, Low said Leissner and Ng would also be “taken care of,” Leissner testified. “I was of course happy that I was about to make some additional money,” he told the jurors. “I wanted to make more money, even though I was well paid at Goldman Sachs.”

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.