Ex Goldman Sachs Roger Ng Claims Trial To Four Charges

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Former Goldman Sachs banker Roger Ng Chong Hwa (above) today claimed trial to four counts of abetting the international financial institution to omit and making untrue material facts in relation to 1MDB guaranteed notes and bonds amounting US$6.5 billion issued between 2012 and 2013
He claimed trial before Sessions Court judge Ahmad Kamal Ariffin Ismail this afternoon
Ng, 46, is alleged to have omitted information regarding Low Taek Jho, also known as Jho Low, being the operator and intermediary for 1MDB, the parent company for 1MDB Energy Ltd
1MDB Energy and Aabar Investments PJS entered into a collaboration agreement for credit enhancement and signed an option agreement to purchase a 49 percent share in 1MDB Energy
He is also alleged to omit that 1MDB had signed an inter-guarantor agreement with the investors that resulted in the issuance of US$3.5 billion guaranteed notes
Ng, along with Goldman Sachs, is also alleged to have made an untrue statement regarding the sale of US$3 billion notes for 1MDB which was a 50-50 joint venture between the issuers and Aabar
The Malaysian was charged under the Capital Markets Financial Act 2007
For each offence, Ng stands to face a maximum of 10 years in jail and a fine of up to RM1 million for each charge, if convicted
Head of the prosecution at the Attorney-General's Chambers DPP Manoj Kurup led the prosecution while Ng was represented by Tan Hock Chuan
The prosecution offered bail at RM1 million with two sureties and for him to surrender his passport both of which the court allowed
Despite bail being offered, Ng, however, will not be released from the Sungai Buloh Prison as he is facing extradition proceedings to the US where he is also facing related charges
Ahmad Kamal fixed March 18 next year for mention after Manoj informed the court that it had yet to serve documents to Goldman Sachs
Ng was not produced at the Sessions Court in Kuala Lumpur this morning as scheduled for his extradition proceedings
This led to his counsel to apply for his client to be brought to court and that he was prepared to have the extradition hearing this afternoon. However, DPP Shukor Abu Bakar wanted a mention date fixed saying they could not produce Ng
Sessions Court judge Edwin Paramjothy then fixed Jan 4 for mention and directed Ng's remand be extended until that date
'Very serious'Ng has been remanded since his arrest on Nov 1, the remand order being for 60 days
The US Department of Justice had filed for an extradition request for Ng who is facing three charges in absentia at the New York Eastern District court
He is charged with anti-bribery provisions under the US Foreign Corrupt Practices Act. He also faces a second charge for violating internal accounting control provisions under the same act and conspiracy to commit money-laundering under the same act
The US DOJ classifies the offences as “very serious” punishable with up to a US$250,000 fine and a jail term of up to a maximum of five years for the first charge alone
It was previously reported that the High Court had last week dismissed Ng's application to be released on bail pending the extradition hearing
Earlier this week, the Attorney-General Tommy Thomas was reported to have said that Malaysia had filed criminal charges against Goldman Sachs subsidiaries and the bank’s former employees Tim Leissner and Ng, fugitive businessperson Low Taek Jho and former 1MDB employee Jasmine Loo Ai Swan
“The charges arise from the commission and abetment of false or misleading statements by all the accused in order to dishonestly misappropriate US$2.7 billion from the proceeds of three bonds issued by subsidiaries of 1MDB, which were arranged and underwritten by Goldman Sachs,” said the attorney-general
Kurup told reporters later that the prosecution has no problems with which hearing proceeded first, the one in the US or the one in Malaysia
"Ng has to answer for his (three counts) of charges there, and also here. It does not matter to us if Ng is brought to the US to be tried there and then brought here to be tried here for the charges levelled against him today," he said. - Mkini

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