KUALA LUMPUR – A US judge has rejected claims by former Goldman Sachs banker Roger Ng that he was unable to forfeit US$35.1 million (RM155.4 million) as the Malaysian government had taken “all of his money”.
US district judge Margo Brodie said the amount imposed “is not constitutionally excessive” and that she is required under the law to order the penalty.
“Ng has failed to show that forfeiture would destroy his future livelihood. The fact that he already paid a large sum to the Malaysian government does not, on its own, render the forfeiture amount constitutionally excessive,” she was quoted as saying by Bloomberg.
“Even if Ng is less responsible than the others charged with similar offences, he played a role in one of the largest financial crimes of all time. The scheme resulted in enormous tangible harm, i.e. the theft of US$3 billion, and intangible harm to the confidence in democracy and government.”
She added that Ng was “willfully engaged” in the 1Malaysia Development Bhd (1MDB) financial scandal.
Ng, who has been sentenced to 10 years in prison over his role in the scandal, had said his former boss Tim Leissner and Malaysian fugitive businessman Low Taek Jho were responsible for the multi-billion dollar fraud.
Ng’s lawyer Marc Agnifilo earlier told the court that his client had run out of funds as the Malaysian government had seized Ng’s assets and accounts and those of his family members before he was arrested in 2018.
On March 9, 51-year-old Ng was convicted of conspiring to violate United States anti-bribery laws and taking part in a money-laundering scheme.
Leissner, who pleaded guilty to his role in the 1MDB scandal, later turned witness for the prosecution. He is expected to be sentenced in September.
Low remains a fugitive and is wanted in several countries, including Malaysia and the US. – The Vibes, March 25, 2023
