1MDB scandal: Malaysia seeks to extradite Roger Ng to US while Singapore’s central bank bans Tim Leissner
- Goldman helped 1MDB to issue US$6.5 billion of bonds but Kuala Lumpur accuses the bank and its former employees of misappropriating US$2.7 billion during the process
- Washington had requested the extradition of Ng – a Malaysian former managing director at the bank – after bringing three criminal charges against him, including corruption and money-laundering
Malaysia on Wednesday moved to extradite to the United States a former Goldman Sachs banker embroiled in the multibillion-dollar 1MDB scandal, even as he faces charges in the Southeast Asian country.
Huge sums of public money were allegedly stolen from Malaysia’s 1MDB sovereign wealth fund and used to buy everything from yachts to artwork, in a scheme that allegedly involved former premier Najib Razak and contributed to his government’s shock election defeat in May.
Goldman helped 1MDB to issue US$6.5 billion of bonds but Kuala Lumpur accuses the bank and its former employees of misappropriating US$2.7 billion during the process.
Washington had requested the extradition of Ng Chong Hwa – a Malaysian former managing director at the bank – in October after bringing three criminal charges against him, including corruption and money-laundering.
Deputy public prosecutor Shukor Abu Bakar said a legal application has been filed under the extradition treaty between the two countries.
Goldman has pledged to fight the charges, insisting it was misled by the former Malaysian government and 1MDB.
The alleged offences by Ng – commonly known as Roger Ng – are punishable by jail in the US. Ng will fight the extradition attempt, his lawyer Tan Hock Chuan said.