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Ng could be stuck in the middle of a tug-of-war between the US and Malaysia as he’s set to face charges in both countries linked to his involvement in 1MDB transactions arranged by Goldman.
Wednesday 19, December 2018
(Bloomberg)--Malaysian prosecutors will charge a former Goldman Sachs Group Inc. banker on Wednesday, said a person familiar with the matter, after an oversight earlier in the day delayed his extradition process to the US.
Roger Ng will face charges at 2:30 p.m. in a Kuala Lumpur court, according to the person, who asked not to be identified as the information is private. He didn’t show up for his extradition hearing earlier on Wednesday as prosecutors weren’t aware that his attendance was necessary, Deputy Public Prosecutor Shukor Abu Bakar said, adding a new date has been set for 4 January.
Ng could be stuck in the middle of a tug-of-war between the US and Malaysia as he’s set to face charges in both countries linked to his involvement in 1MDB transactions arranged by Goldman. It’s unclear how prosecutors on both sides will cooperate on charges relating to Ng and others in a scandal that allegedly saw billions of dollars siphoned from the Malaysian state fund.
Last month, Ng was said to be seeking a review of the order to extradite him to the US, where he would face money laundering and bribery charges linked to troubled state fund 1MDB. Malaysia’s attorney general said on Monday that Ng will “soon” be charged as part of a batch of criminal allegations against Goldman’s units, former bankers and ex-1MDB employees for his role in alleged false statements made to a financial regulator.
Goldman will “vigorously contest” the charges, which it said came without a chance for the firm to provide its view. “Certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of proceeds from these transactions,” the bank said in an emailed statement on Monday.
Ng was deputy to Tim Leissner, Goldman’s former Southeast Asia chairman, who has pleaded guilty to conspiring to launder money allegedly siphoned from 1MDB and paying bribes to Malaysian and Abu Dhabi officials. In November, Ng and his family had agreed to surrender about SGD 40 million ($29 million) to authorities in neighboring Singapore, who would then repatriate the funds to Malaysia, according to people familiar with the matter.