Former Goldman Sachs Banker Roger Ng to be Returned to Malaysia to Face Charges Related to 1MDB Scandal

Former Goldman Sachs banker Roger Ng, who was convicted in New York for his involvement in the 1MDB scandal, will be returned to Malaysia to face related charges. In a letter filed in Brooklyn federal court, U.S. prosecutors requested Ng’s surrender to the U.S. Marshals Service by Friday, after which he will be handed over to Malaysian law enforcement for transportation to their country. Ng’s lawyers have agreed to the proposed schedule.

Ng’s surrender date had been delayed to allow U.S. prosecutors more time to communicate with Kuala Lumpur about his trial in Malaysia. Singapore’s central bank has already banned Ng for life, citing his “severe misconduct” and the public interest in preventing him from conducting business as a representative.

The case revolves around approximately $6.5 billion in bonds that Goldman Sachs helped 1MDB sell between 2012 and 2013. U.S. prosecutors allege that officials, bankers, and their associates embezzled around $4.5 billion from that sum. Ng, a Malaysian national and former head of investment banking in Malaysia for Goldman Sachs, was found guilty of aiding former Goldman boss Tim Leissner in embezzlement, money laundering, and bribery of government officials to secure business.

Ng’s sentencing was handed down by U.S. District Judge Margo Brodie in March, 11 months after his conviction. Leissner’s sentencing, which has been delayed multiple times, is now scheduled for March 19, 2024. Jho Low, the suspected mastermind behind the scheme, has also been indicted but remains at large.

Goldman Sachs settled with authorities in October 2020, agreeing to pay $2.9 billion and having its Malaysian unit plead guilty to a corruption charge. Ng was initially arrested in Malaysia in November 2018 and subsequently agreed to be extradited to the United States.

As Ng prepares to face charges in Malaysia, the 1MDB scandal continues to have far-reaching implications for the financial industry and highlights the importance of accountability and transparency in business dealings.