Goldman Sachs ex-banker faces trial in Malaysia
The Malaysian court will press charges against former Goldman Sachs banker Roger Ng in April 2020 fora possible manipulation with the bonds worth $6.5 billion. The bonds were linked to the state fund 1Malaysia Development Berhad (1MDB). Information came from an employee of the Malaysian court.
Roger Ng was detained in the US for 10 months and eventually accused in an attempt to bribe Malaysian and Abu Dhabi officials using bonds offerings handled by Goldman Inc. The defendant himself is not going to admit the charges against him.
Reuters has received information from Deputy Public Prosecutor Zaki Zubir about the end of his detention, which will expire in 4 months. Therefore, a request was made to start the trial immediately.
"Prosecution requested for the trial in April," Zaki said in a text message.
Goldman Sachs has earned US$600 million by working with 1MDB, including US$6.5 billion in bond trading in 2012 and 2013. Roger Ng himself made a good profit in pair with Tim Leissner, who was a partner of Goldman in Asia.
Malaysia wants Goldman to pay up to US$7.5 billion in damages to the government in the 1MDB deals which Najib Razak, former PM, created in 2009.
Najib was unsuccessful on the 2018 elections. Later, he was charged with 42 criminal charges, all against 1MDB and other public institutions. Goldman has already discussed the case with the local authorities, but no compromise has yet been found.
Last week Goldman put forward a proposal to pay compensation that was less than $2 billion. Malaysian authorities rejected the offer, according to Malaysian Prime Minister Mahathir Mohammad.