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The former head of Goldman Sachs in Malaysia convicted

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In his dealings with Malaysia’s 1MDB sovereign wealth fund, Roger Ng, Goldman’s former head of investment banking in Malaysia, was charged with conspiring to launder money and violating anti-bribery law. The trial, which began in February, re-examined Goldman’s role in the international scandal that resulted in Malaysia’s former Prime Minister Najib Razak receiving a 12-year prison sentence.

 

The charges stemmed from bond deals arranged by Goldman in 2012 and 2013 that raised $6.5 billion (£5 billion) for the 1MDB fund, which was established to fund public development projects. Authorities claim that more than $4 billion was stolen and spent on art, diamonds, and real estate, even contributing to the financing of Hollywood’s Wolf of Wall Street film. Prosecutors allege that Goldman Sachs bankers assisted in the laundering of some of the money, some of which was paid as bribes to officials in Malaysia and Abu Dhabi to help the bank win business. Prosecutors also claimed that Mr Ng, 49, played a key role in the scheme by introducing Mr Leissner to Chinese-Malaysian financier Jho Low, the alleged mastermind and confidant of former Malaysian Prime Minister Najib Razak. A former Goldman Sachs executive in Malaysia has been convicted for his role in orchestrating one of the world’s largest financial corruption scandals. A US jury found Roger Ng guilty on all charges in the trial, which involved the theft of billions of dollars from Malaysia’s sovereign wealth fund, 1MDB. 

 

He is the only Goldman Sachs banker who has faced a jury in connection with the scandal, which has rocked Malaysian politics and forced the bank to pay billions of dollars in fines. He’d entered a not-guilty plea. Mr Ng’s attorney called him a “fall guy” and questioned the credibility of the government’s star witness, Tim Leissner, who was Mr Ng’s boss at Goldman Sachs and pleaded guilty to his role in the scandal in 2018.

 

According to US prosecutors, the decision was “a victory not only for the rule of law, but also for the people of Malaysia.” “The defendant and his cronies saw 1MDB as a piggy bank to enrich themselves with piles of money siphoned from the fund,” said US Attorney Breon Peace. “With today’s verdict, a strong message has been sent to those who commit financial crimes out of greed. You, like Ng, will be apprehended, prosecuted, and convicted, and you will face a lengthy prison sentence.”

 

Written by: Relaks Radio

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