Illustrative image (Source: ndtv.com)Hanoi (VNA) – A Malaysian court declined to grant bail on January 7 to NgChong Hwa, former leader of the US’ Goldman Sachs multinational investment bank,who faces charges related to suspected money laundering of funds siphoned offfrom Malaysia's State investment fund 1Malaysia Development Berhad (1MDB).
Judge Edwin Paramjothy Michael Muniandy said Ng, who is currently detainedin Malaysia, is in danger of fleeing by air and his presence in court wheneversummoned is not guaranteed if he gets bail.
In order to receive bail, Ng will have to pay the guarantee amount of 239,000USD.
According to the lawyer of the former Goldman Sachs banker, his client had somehealth problems in the prison after he had dengue fever and food poisoning.
Nghas been detained in Kuala Lumpur since November 1 last year, shortly after theUS Department of Justice announced charges against him; another Goldman Sachsofficial, Tim Leissner; and Malaysian financier, Low Taek Jho over the allegedtheft of billions of dollars from the 1MDB investment fund.
Ng appeared before a Kuala Lumpur court onDecember 19 and pleaded not guilty. He has also been indicted in the US, andAmerican officials are seeking his extradition. Meanwhile, Leissner has beenindicted in the US and has pleaded guilty.
Currently, the US side is seeking to extradite Ng to the US for trial.According to Malaysian prosecutors, the US could do so after Malaysia hascompleted legal procedures for the former Goldman Sachs banker.
TheGoldman Sachs Bank is at the centre of a corruption scandal at the MDB 1investment fund because it is said to have a role in settling the bond threetimes, issuing 6.5 billion USD from the fund, as well as pocketing 1 billion USDfrom transaction fees related to this fund and interest from the bonds.
The 1MDB investment fund was established by former Malaysian PrimeMinister Najib Razak in 2009, supposedly to serve Malaysia’s developmentthrough global partnerships and foreign direct investment.
However, it became wrapped up in a money laundering scandal,allegedly causing losses of billions of USD and leading to probes into thefinancial markets in several countries such as the US, Switzerland, Singapore,Malaysia, and China.
After assuming power, Malaysian PM MahathirMohamad declared to give priority to addressing corruption and taking backlosses of the fund. The Malaysian Government has set up a task force to lookinto the scandal with help from the US, Switzerland, Singapore, Canada, andother countries. –VNA
VNA
