Malaysia Declines Bail For Accused Ex-Goldmans Banker - Report

Editorial Staff

8 January 2019

A Malaysian court yesterday declined to grant bail to former , according to the Straits Times (of Singapore).

Ng has been held in Kuala Lumpur since 1 November last year after the US Department of Justice announced charges against him, another Goldman Sachs official Tim Leissner, and Malaysian financier Low Taek Jho over the alleged theft of billions of dollars from 1Malaysia Development Berhad. The scandal has affected financial centres around the world, including Singapore, Switzerland and the US.

Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiring to launder money and violate the Foreign Corrupt Practices Act, while Low has denied wrongdoing and remains at large. Malaysian prosecutors have filed separate criminal charges against the three, as well as making an application to extradite Ng to the US.

The Straits Times report said that defence lawyer Tan Hock Chuan had requested Ng's release for medical reasons, pending the extradition proceedings. However, Judge Edwin Paramjothy Michael Muniandy, dismissed the request, citing insufficient evidence to prove that Ng was too unfit to remain in custody.