6-10-2023 (NEW YORK) Roger Ng, a former Goldman Sachs banker, who was recently convicted in New York for his involvement in the misappropriation of billions of dollars from Malaysia’s 1MDB sovereign wealth fund, will be returned to Malaysia to face related charges. Chief US District Judge Margo Brodie in Brooklyn issued an order on Thursday for Ng’s surrender to the US Marshals Service by Friday. He will then be handed over to Malaysian law enforcement for transportation back to Malaysia.
Prosecutors stated in a previous letter to Judge Brodie that upon his return to the United States, Ng would be required to begin his prison term, which could potentially last for 10 years. Ng’s legal team has agreed to the proposed schedule, according to the letter. However, Ng’s lawyers have not yet responded to requests for comment.
The surrender date for Ng had been postponed from September 6, as US prosecutors requested additional time to coordinate with Kuala Lumpur regarding his trial in Malaysia.
In a separate development, the Monetary Authority of Singapore (MAS) has banned Ng, also known as Ng Chong Hwa, from conducting any financial activities for life. The MAS cited his “severe misconduct” and deemed it “contrary to public interest” to allow him to continue working as a representative.
The case revolves around approximately US$6.5 billion in bonds that Goldman Sachs facilitated for 1MDB between 2012 and 2013. US prosecutors have alleged that individuals, including government officials, bankers, and their associates, embezzled about US$4.5 billion from that amount.
Ng, a Malaysian national and the former head of investment banking in Malaysia for Goldman Sachs, was sentenced by Judge Brodie in March. He was found guilty by a jury of aiding former Goldman Sachs executive Tim Leissner in embezzling funds from 1MDB, laundering the proceeds, and bribing government officials to secure business deals.
Leissner’s sentencing, which has been delayed multiple times, is currently scheduled for March 19, 2024. Jho Low, a Malaysian financier suspected of being the mastermind behind the scheme, was also indicted but has eluded capture.
Goldman Sachs reached a settlement with authorities in October 2020, agreeing to pay US$2.9 billion in fines and pleading guilty to a corruption charge through its Malaysian unit.
Ng was initially arrested in Malaysia in November 2018 and later consented to extradition to the United States to face charges related to the 1MDB scandal.
