Report: Roger Ng to surrender 1MDB-linked RM120m to Malaysia

Kenneth Tee
Bloomberg reported that the former bank executive, who was arrested last week in Malaysia at the request of United States authorities, will surrender the money that has been frozen in Singapore. — Reuters pic

PETALING JAYA, Nov 8 — Former Goldman Sachs executive Roger Ng and his family have reportedly agreed to surrender about US$29 million (RM120.7million) linked to 1Malaysia Development Berhad (1MDB) to Singapore authorities.

Bloomberg reported that Ng, who was arrested last week in Malaysia at the request of United States authorities, will surrender the money that has been frozen in Singapore.

“He’s filing an application to review the US detention and extradition order,” a source close to the matter told Bloomberg.

In September, a Singapore court ordered the return to Malaysia of about S$15.3 million in funds after they siphoned from 1MDB.

Ng is also currently fighting extradition to the US where he will face charges of money laundering and bribery after he was indicted in absentia along with his deputy Tim Leissner, Goldman’s former chairman of South-east Asia.

US prosecutors announced last week that Leissner pleaded guilty to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act, and agreed to forfeit US$43.7 million.

According to prosecutors, the investment bank generated about US$600 million in fees for its work with 1MDB, which included three bond offerings in 2012 and 2013 that raised US$6.5 billion. Leissner, Ng and others received large bonuses in connection with that revenue.

On Tuesday, Datuk Seri Anwar Ibrahim told Bloomberg TV in an exclusive interview that it would be “inexcusable” if Goldman Sachs was complicit in the scandal.

Yesterday, Goldman Sachs chief executive officer David Solomon told an interview with Bloomberg TV in Singapore that it was “distressing” that two of the bank’s former employees had gone around its policies and brokne the law in their dealings with 1MDB.

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