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Saturday, March 25, 2023, 14:31
1MDB graft case: Ex-Goldman banker must forfeit $35.1m
By Reuters
Saturday, March 25, 2023, 14:31 By Reuters

This April 8, 2022 photo shows former Goldman Sachs executive Roger Ng (right) leaving federal court in New York. A US jury has convicted Ng on all counts in $4.5 billion scheme to loot Malaysian fund 1MDB. (PHOTO / AP)

NEW YORK – A US judge on Friday ordered former Goldman Sachs Group Inc banker Roger Ng to forfeit $35.1 million, after sentencing him to 10 years in prison for helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund.

US District Judge Margo Brodie in Brooklyn rejected Ng's argument that he owned no more money after forfeiting to Malaysia tens of millions of dollars of alleged proceeds from his crimes.

Ng's lawyer Marc Agnifilo also said his client, a Malaysian national and Goldman's former head of investment banking in Malaysia, had been drained of most of his assets.

READ MORE: Ex-Goldman Sachs banker seeks mercy in 1MDB case

Brodie, however, said the $35.1 million forfeiture was not constitutionally excessive.

Jho Low, a Malaysian financier and suspected mastermind of the scheme, was also indicted but remains at large

She also said that even if Ng were less culpable than others, "he played a role in one of the largest financial crimes of all time," a scheme that caused "intangible harm to the public's confidence in democracy and government."

Agnifilo did not immediately respond to requests for comment.

Brodie imposed Ng's prison sentence on March 9, 11 months after jurors found him guilty of helping his former boss Tim Leissner embezzle money from 1MDB, launder the proceeds, and bribe government officials to win business.

Jho Low, a Malaysian financier and suspected mastermind of the scheme, was also indicted but remains at large.

Leissner faces a Sept. 6 sentencing. Goldman settled with authorities in October 2020, agreeing to pay $2.9 billion and having its Malaysian unit plead guilty to a corruption charge.

ALSO READ: M'sia ex-PM loses final 1MDB appeal, given 12-year jail term

Former Malaysian prime minister Najib Razak is serving a 12-year prison sentence after being convicted in a Malaysian court of receiving $10 million from a former 1MDB unit. Najib has consistently denied wrongdoing.

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