By: Don Driggers

Roger Ng Chong Hwa, a former Goldman Sachs executive who was convicted in the United States for his role in the multibillion-dollar embezzlement of funds from a Malaysian sovereign wealth fund, has been brought back to Malaysia to aid in asset recovery efforts, according to Home Minister Saifuddin Nasution, the NY Post reported.

Ng, a Malaysian national, was found guilty by a U.S. District Court jury in Brooklyn and sentenced to 10 years in prison earlier this year. The case revolved around the Malaysian state fund, known as 1MDB, which raised $6.5 billion through bond sales. However, it was revealed that a significant portion of this money was misappropriated through a scheme that involved paying bribes and kickbacks.

While in custody, Ng has consistently denied allegations of money laundering and violating anti-bribery laws.

The Malaysian government, led by Prime Minister Anwar Ibrahim, has been actively reviewing a settlement package that the previous administration reached with Goldman Sachs in 2020. The current government deems the settlement too lenient and seeks to reevaluate it. Under the terms of the existing settlement, Goldman Sachs agreed to pay $2.5 billion and ensure the return of $1.4 billion in 1MDB assets that had been seized in exchange for Malaysia dropping charges against the bank.

The primary objective of bringing Ng back to Malaysia is to seek his assistance in recovering assets that rightfully belong to the people of Malaysia, according to Minister Saifuddin. Ng also faces corruption charges within Malaysia, and the police will continue their investigation. There is currently no set deadline for Ng’s potential return to the United States, where his prison sentence has been temporarily postponed to accommodate Malaysian legal proceedings.

The 1MDB scandal, characterized by theft and attempts to cover it up, had a significant impact on Malaysia’s government. It contributed to the downfall of former Prime Minister Najib Razak, who was sentenced to 12 years in prison. The scandal’s repercussions extended to Hollywood, as some of the stolen funds were used to finance extravagant parties, a luxury yacht, high-end real estate, and even the production of the film “The Wolf of Wall Street.” Malaysian financier Low Taek Jho, who is believed to have orchestrated the scheme, remains an international fugitive.

Ng’s defense team has argued that he is being made a scapegoat for the actions of Low and another Goldman Sachs banker involved in the conspiracy, Tim Leissner. Leissner pleaded guilty in 2018 to bribing government officials in Malaysia and the United Arab Emirates. He was ordered to pay $43.7 million and served as a crucial government witness during Ng’s trial, but his own sentencing has not yet occurred. Ng, who oversaw investment banking in Malaysia for Goldman Sachs, maintains that Leissner falsely implicated him to secure a more lenient sentence.

In a letter to the US District Judge, Ng recounted his “absolute hell” in the notorious Sungai Buloh prison near Kuala Lumpur, where he was kept in solitary confinement for two weeks without visits from family. He endured a windowless cement cell without a bed or plumbing, often hallucinating due to sleep deprivation. Ng lost nearly 40% of his body weight while battling illnesses, including malaria and leptospirosis, Bloomberg reported

During the trial, prosecutors detailed Ng’s extravagant purchases using stolen funds, including $300,000 worth of jewelry and a $20,000 gold-plated hourglass.