It also said that Goldman Sachs, through its work for 1MDB during that time, received approximately $600 million in fees and revenue, while Ng received $35 million for his role. The Department of Justice said Ng spent years cultivating a relationship with wealthy Malaysian socialite Low Taek Jho-also known as Jho Low-to take advantage of Low’s close relationships with high-ranking government officials in Malaysia and the United Arab Emirates, whom Ng allegedly bribed. Attorney for the Eastern District of New York Breon Peace said in a release. “Roger Ng was a central player in a brazen and audacious scheme that not only victimized the people of Malaysia, but also risked undermining the public’s confidence in governments, markets, businesses and other institutions on a global scale,” U.S. Ironically, the laundering also allegedly included funding major Hollywood films, including “The Wolf of Wall Street,” a film about corruption and fraud in finance. Ng and his co-conspirators, including Goldman Sachs’ former Southeast Asia chairman and participating managing director Tim Leissner, allegedly paid more than $1 billion in bribes to 12 government officials in Malaysia and the United Arab Emirates to obtain and retain business for Goldman Sachs, including the 20 bond deals.Īccording to the indictment, Ng and his co-conspirators laundered the proceeds of the ill-gotten funds through purchasing a $51 million Jean-Michel Basquiat painting from Christie’s auction house, a $23 million diamond necklace, millions of dollars in Hermès handbags and luxury Manhattan real estate, among other things.
This includes money the Malaysian pension fund raised in 20 through three bond transactions with Goldman Sachs-allegedly in exchange for bribe money. A former managing director of Goldman Sachs recevied a 10-year prison sentence for conspiring to launder billions of dollars that had been embezzled from 1Malaysia Development Berhad, Malaysia’s state investment fund.Īccording to court documents, between 20, Ng Chong Hwa, also known as Roger Ng, laundered billions of dollars that had been misappropriated and fraudulently diverted from 1MDB.
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