Malaysia’s extradition of ex-Goldman Sachs banker Roger Ng to the US likely facilitated a first $196 million tranche return of recovered fund assets
When Malaysian authorities filed criminal charges in December against Goldman Sachs’ employees and subsidiaries for alleged misconduct in their dealings with the 1Malaysia Development Berhad (1MDB) state investment fund, they sought from the outset to exact a high price.
Finance Minister Lim Guan Eng declared soon thereafter that Malaysia would seek a whopping US$7.5 billion in reparations from the American investment bank, a figure that exceeded market expectations and underscored the urgency his government placed on recouping billions of dollars lost in the now infamous global scandal.
While law enforcement officials in the United States, Malaysia and beyond have maintained pressure on Goldman Sachs, sources familiar with the matter told Asia Times that Malaysian authorities have voiced frustration with the perceived slow pace of the multinational effort to recover assets illegally acquired through funds diverted from 1MDB.
That could explain why Malaysian authorities ultimately allowed ex-Goldman Sachs banker Roger Ng to be extradited to the US earlier this month on a warrant permitting him to remain in American custody for up to 10 months. His extradition was initially postponed by Malaysia as it sought its own legal proceedings against the banker.
Nile Bowie is a writer and journalist with the Asia Times covering current affairs in Singapore and Malaysia. He can be reached at nilebowie@gmail.com.
When Malaysian authorities filed criminal charges in December against Goldman Sachs’ employees and subsidiaries for alleged misconduct in their dealings with the 1Malaysia Development Berhad (1MDB) state investment fund, they sought from the outset to exact a high price.
Finance Minister Lim Guan Eng declared soon thereafter that Malaysia would seek a whopping US$7.5 billion in reparations from the American investment bank, a figure that exceeded market expectations and underscored the urgency his government placed on recouping billions of dollars lost in the now infamous global scandal.
While law enforcement officials in the United States, Malaysia and beyond have maintained pressure on Goldman Sachs, sources familiar with the matter told Asia Times that Malaysian authorities have voiced frustration with the perceived slow pace of the multinational effort to recover assets illegally acquired through funds diverted from 1MDB.
That could explain why Malaysian authorities ultimately allowed ex-Goldman Sachs banker Roger Ng to be extradited to the US earlier this month on a warrant permitting him to remain in American custody for up to 10 months. His extradition was initially postponed by Malaysia as it sought its own legal proceedings against the banker.
Read the full story at Asia Times.
