A former Goldman Sachs executive convicted in the United States in the multibillion-dollar ransacking of a Malaysian sovereign wealth fund has been brought back to the country to assist in asset recovery efforts
Roger Ng Chong Hwa is under police custody after arriving in Kuala Lumpur over the weekend, according to Home Minister Saifuddin Nasution.
Prosecutors said Ng and his co-conspirators helped the Malaysian fund, known as 1MDB, to raise $6.5 billion through bond sales — only to participate in a scheme that siphoned off more than two-thirds of the money, some of which went to pay bribes and kickbacks.“We still have unfinished business,” Saifuddin told reporters. “The main objective of bringing him back is to see how he can assist in our efforts to recover assets owned by the people.
Under the deal, Goldman is to pay $2.5 billion while guaranteeing the return of $1.4 billion of 1MDB assets that have been seized in exchange of Malaysia dropping charges against the bank. The scandal also sent ripples through Hollywood, where some of the stolen money had gone to finance lavish parties, a superyacht, premium real estate and even the 2013 film “The Wolf of Wall Street.” Malaysian financier Low Taek Jho, accused of being the architect of the plot, remains an international fugitive.
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A former Goldman Sachs banker convicted in looting 1MDB fund back in Malaysia to help recover assetsA former Goldman Sachs executive convicted in the United States in the multibillion-dollar ransacking of a Malaysian sovereign wealth fund has been brought back to the country to assist in asset recovery efforts. Roger Ng Chong Hwa is under police custody after arriving in Kuala Lumpur over the weekend. Home Minister Saifuddin Nasution says Malaysia still has “unfinished business” with Ng, who was convicted by a U.S. District Court jury in Brooklyn last year and sentenced in March to 10 years in
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