Ex-Goldman Sachs Banker Denied Bail in Malaysia Pending Extradition to US

China offered to help kill investigations into 1MDB: report

China offered to help kill investigations into 1MDB: report

In 2016, Chinese leaders offered to help bail out 1MDB, the controversial Malaysian state fund that was at the center of a billion-dollar scandal, according to a new report. After Mahathir won the election, the current Prime Minister has been in talks with China for the return to Malaysia of Low Taek Jho, as well as new terms for a railroad project began under Najib's term.

Meanwhile, The Wall Street Journal, in its review of the minutes from a series of previously undisclosed meetings, had reported that senior Chinese leaders had offered in 2016 to help bail out a Malaysian government fund in return for lucrative stakes in railway and pipeline projects under its "One Belt, One Road" programme of building infrastructure overseas.

Malaysiakini cited a spokesman of the Chinese embassy in Kuala Lumpur, who said China adheres to a policy of non-interference in the domestic affairs of other countries.

"We do not accept any groundless accusations made against China", the embassy said.

Malaysian court on January 7 refused bail to former Goldman Sachs banker Roger Ng, pending his extradition to the United States where he faces charges related to suspected money laundering of funds siphoned off from state fund 1MDB.

This included surveilling WSJ reporters in Hong Kong who had been investigating 1MDB, the Journal reports, including by "full scale residence/office/device tapping, computer/phone/web data retrieval, and full operational surveillance." .

Malaysian prosecutors say there is no conflict between the American attempt to extradite Ng and the charges he faces in Malaysia, and suggest the USA will wait for proceedings in Malaysia to wrap up before moving forward with their case.

A MALAYSIAN court on Monday declined to grant bail to former Goldman Sachs banker Roger Ng, pending his extradition to the United States, where he faces charges related to suspected money laundering of funds siphoned off from state fund 1Malaysia Development Berhad (1MDB).

"But I have to refer back to see if there are details or thing explicitly said", he said.

Goldman's role is under scrutiny as the Wall Street titan helped arrange $6.5 billion in bonds for 1MDB, with Kuala Lumpur accusing the bank and its former employees of misappropriating billions of dollars. It has been reported that in return of the favor, Malaysians are eager enough to offer stakes in railway and pipeline projects supporting OBOR.

Goldman Sachs has consistently denied wrongdoing, saying that certain members of the former Malaysian government and 1MDB had lied to it about the proceeds of the bond sales.

The US State Department alleges that US$4.5 billion was looted from the fund by Najib and his cronies, and spent on everything from artwork to high-end real estate.

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