• About Us
  • Who Are We
  • Work With Us
Thursday, July 17, 2025
No Result
View All Result
The Globe Post
39 °f
New York
44 ° Fri
46 ° Sat
40 ° Sun
41 ° Mon
No Result
View All Result
The Globe Post
No Result
View All Result
Home Featured

Ex-Goldman Banker in 1MDB Case to Face Malaysia Trial

Staff Writer by Staff Writer
11/06/19
in Featured, World
Goldman Sachs is under scrutiny in connection to the 1MDB scandal

Goldman Sachs Photo: AFP

Share on FacebookShare on Twitter

An ex-Goldman Sachs banker will stand trial in Malaysia in April over the 1MDB scandal after he returns from the U.S. where he has also been charged, an official said Wednesday.

Billions of dollars were stolen from Malaysian state fund 1MDB in a fraud allegedly involving former prime minister Najib Razak and his cronies, and spent on everything from high-end real estate to a luxury super-yacht.

The scandal has been described as one of the biggest financial scams in history.

Goldman’s role is under scrutiny as the Wall Street bank helped arrange $6.5 billion in bonds for 1MDB, and Malaysian authorities say huge sums were stolen in the process.

Ng Chong Hwa, a Malaysian former managing director at the bank, has been charged in the U.S. and Malaysia over the scandal.

He was extradited in May from Malaysia to the U.S. – which is investigating the controversy as money was laundered through the American financial system – and pleaded not guilty to bribery and other charges.

Malaysia had agreed to a “temporary surrender” of the ex-banker, also known as Roger Ng, for 10 months to allow the U.S. case to proceed and he will return to his home country in March, prosecutor Zaki Asyraf Zubir told AFP.

“The prosecution (sought) trial dates in April,” and the defense agreed, he added.

Ng has also pleaded not guilty to 1MDB-linked charges in Malaysia.

Filings on the Malaysian courts website showed dates set for Ng’s case from April 13 to 15.

Malaysia is seeking $7.5 billion in damages from the Wall Street titan over its role in the scandal.

Last year prosecutors filed charges against three subsidiaries of the bank as well as Ng and another ex-employee over 1MDB. In August charges were brought against 17 current and former executives.

The bank has vowed to fight the charges, saying any misconduct was on the part of rogue, individual employees.

Another former Goldman executive, Tim Leissner, has already pled guilty to 1MDB related charges in the U.S. He has also cast doubt on Goldman’s defense, saying the scheme was part of the “culture” at the investment bank.

The scandal played a major role in Najib losing power last year and he has since been arrested and put on trial. Next week, a judge will deliver a key ruling which will determine whether his first 1MDB-linked trial proceeds.

Another central player in scandal, Low Taek Jho, commonly known as Jho Low, remains an international fugitive. Low, a Malaysian businessman, is believed to have played a key role in directing the scheme and used his personal winnings to party with Holywood superstars and, ironically, even help finance the major film, “The Wolf of Wall Street.”

 


More on the Subject 

Malaysia Files Charges Against 17 Current, Ex-Goldman Execs Over 1MDB

ShareTweet
Staff Writer

Staff Writer

AFP with The Globe Post

Related Posts

A flooded road in Batu Berendam in Malaysia's southern coastal state of Malacca
Environment

At Least Four Dead, Tens of Thousands Evacuated in Malaysia Floods

by Staff Writer
March 6, 2023
Wall Street
Business

Wall Street Ends Sharply Lower After Inflation Hit 30-Year High

by Staff Writer
November 10, 2021
didi
Business

Most Asian Markets Rise After Healthy US Jobs Report

by Staff Writer
July 5, 2021
President Joe Biden is set to unveil a multi-trillion-dollar recovery plan.
Business

Asian Markets Track US Losses, Biden Spending Plan in Focus

by Staff Writer
March 31, 2021
Pedestrians wait to cross a street in Malaysian capital Kuala Lumpur on October 7, 2020.
Democracy at Risk

Malaysia Declares Virus Emergency, Suspends Parliament

by Staff Writer
January 12, 2021
Stock market crash, OCtober 2018.
Featured

Stocks Plunge Again as Fed Virus Move Fails to Ease Fears

by Staff Writer
March 16, 2020
Next Post
Philippines President Rodrigo Duterte and the army.

Duterte Foe Accepts Philippine Drug War Post

Chinese President Xi Jinping listens to a speech

Iraq May Be Central to China's Economic Aspirations in Middle East

Recommended

People from Nordic countries participate in the 2025 WorldPride DC parade and celebrate LGBTQ rights in Washington DC, USA, Saturday, June 7, 2025.

Sweden Cuts Red Tape for Changing Legal Gender

July 16, 2025
Ursula von der Leyen

EU Ministers Weigh Response to Latest Trump Tariff Threat

July 14, 2025
UN rapporteur Francesca Albanese

UN Says US Sanctions on Expert Sets ‘Dangerous Precedent,’ Must Be Reversed

July 11, 2025
Women in Afghanistan wearing a blue burqa

ICC Seeks Arrest of Taliban Leaders Over Persecution of Women

July 9, 2025
Kenya, Nairobi, 2024-07-16. Protesters in the streets

Nairobi Tense as Kenya Marks Democracy Uprising

July 7, 2025
President Donald Trump

Trump Wins ‘Phenomenal’ Victory as Congress Passes Flagship Bill

July 4, 2025

Opinion

Donald Trump

Fact vs. Fiction: The Trump Administration’s Dubious War on Reverse Discrimination

June 18, 2025
Tens of thousands of protestors shut down Fifth Avenue in Manhattan on Saturday, April 5, 2025, protesting the Trump administration's abuse of the separation of federal powers as well as the deep cuts to governmental services overseen by presidential advisor Elon Musk.

Civil Society Is Holding the Line. Will Washington Notice?

June 17, 2025
A Black Lives Matter mural in New York City.

Fuhgeddaboudit! America’s Erasure of History

April 2, 2025
Bust of Deputy Rubens Paiva in the Chamber of Deputies

Democratic Brazilians Are Still Here

March 18, 2025
A woman from Guatemala

Dispatch From Central America

January 28, 2025
US President Donald Trump

Dear Trump Supporters: Is This the America You Wanted?

January 28, 2025
Facebook Twitter

Newsletter

Do you like our reporting?
SUBSCRIBE

About Us

The Globe Post

The Globe Post is part of Globe Post Media, a U.S. digital news organization that is publishing the world's best targeted news sites.

submit oped

© 2018 The Globe Post

No Result
View All Result
  • National
  • World
  • Business
  • Interviews
  • Lifestyle
  • Democracy at Risk
    • Media Freedom
  • Opinion
    • Editorials
    • Columns
    • Book Reviews
    • Stage
  • Submit Op-ed

© 2018 The Globe Post