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Ex-Goldman Sachs Banker Denied Bail in Malaysia Pending Extradition to U.S.

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Former Goldman Sachs banker, Roger Ng has been denied bail on Monday by a court in Malaysia. This has therefore led to the pending of his extradition to the United States.

He is facing charges which are related to money laundering which is yet suspected and proved. The laundering was of funds that were stolen gradually from the fund of the state of 1MDB.

Roger Ng and two others detained

Since the 1st of November, Ng has been officially arrested and held back in Kuala Lumpur of Malaysia.

Roger Ng of Goldman Sachs

Source: Malaymail

This was shortly after the Department of United States had made announcement of the  charges against him along with Tim Leissner who is another official of Goldman Sachs and Low Taek Jho who is a Malaysian financier.

The charges against them were of alleged theft of dollars in billions from 1MBD which is an abbreviation of 1Malaysia Development Berhad.

Low has denied the wrongdoing which he has been alleged to and is currently at large whereas Leissner who is the former partner for Goldman Sachs in Asia has pleaded guilty to the court.

This was for conspiring the laundering of money and therefore violating the Foreign Corrupt Practices Act.

The prosecutors of Malaysia have filed 3 criminal cases, separately for each of them. Apart of that they have even filed an application for the extradition of Ng to the United States.

Any wrongdoings have constantly been denied by Goldman Sachs.

Leissner who is the former partner for Goldman Sachs in Asia has pleaded guilty to the court

Source: Today Online

The court proceedings

Tan Hock Chuan who is the defence lawyer has made a request last week to release Ng on bail based on medical grounds thereby pending the outcome of the proceeding of the extradition.

On Monday, the request for it however was dismissed by Judge Edwin Paramjothy. The judge stated that the evidences were insufficient that Ng was not that fit that he could not remain the custody.

The judge further added that the court considers Ng serious flight risk when taken into consideration the gravity along with the high profile nature of the cases that have been filed against him in both Malaysia as well as United States.

A court in Malaysia has denied bail to Roger Ng

Source: Wikiwand

Judge Edwin Paramjothy Michael Muniandy had stated that he is of the considered view that the presence of the respondent cannot be secured by bail setting or by the setting of any condition that would be for the granting of the bail because of the likelihood that the respondent that is Ng will abscond.

Tan had stated that he will appeal the ruling of the judge Edwin Paramjothy Michael Muniandy. He further added that the reply to the extradition of Ng will be filed by the 15th of February.

Source: Reuters, The Straits Times

Ketakee Srivastava
I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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