FORMER Goldman Sachs banker Roger Ng, who was convicted in New York for his role in the looting of billions of dollars from the 1Malaysia Development Bhd (1MDB) sovereign wealth fund, will be returned to Malaysia to face related charges, Reuters reports.

Chief US district judge Margo Brodie in Brooklyn ordered Ng’s surrender to the US Marshals Service, who will then hand him over to Malaysian law enforcement to be transported home.

Upon his return to the United States, Ng will be required to begin his prison term, as stated by prosecutors in a previous letter to judge Brodie. Ng’s lawyers have agreed to the proposed schedule. However, they have not yet commented on the matter.

Ng’s surrender date was initially delayed to allow US prosecutors more time to communicate with Putrajaya regarding his trial in Malaysia. In a separate development, Singapore’s central bank has banned Ng for life, citing his “severe misconduct” and stating that it is against the public interest to allow him to continue business activities.

The case revolves around US$6.5 billion (RM31 billion) in bonds that Goldman Sachs helped 1MDB sell between 2012 and 2013. US prosecutors allege that officials, bankers, and their associates embezzled around US$4.5 billion of that amount.

Ng, a Malaysian and former head of investment banking in Malaysia for Goldman Sachs, was sentenced by judge Brodie in March, almost a year after he was found guilty of assisting former Goldman boss Tim Leissner in stealing money from 1MDB, laundering the proceeds, and bribing government officials to secure business deals.

Goldman Sachs reached a settlement with authorities in October 2020, agreeing to pay US$2.9 billion and having its Malaysian unit plead guilty to a corruption charge.

Ng was arrested in Malaysia in November 2018 and subsequently agreed to be extradited to the United States. – October 5, 2023.