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KUALA LUMPUR – Former Goldman Sachs banker Roger Ng who will serve 10 years in prison for his role in embezzling 1Malaysia Development Bhd (1MDB) funds, said he cannot pay US$35 million as the Malaysian government had taken “all of his money”.
Bloomberg reports that Ng was asked to pay the sum by US prosecutors as forfeiture of ill-gotten gains from the fraud involving the Malaysian state investment firm.
Prosecutors made this request when Ng was sentenced to 10 years’ jail on March 9 in a United States court. His lawyer, Marc Agnifilo, said that no other penalties were needed and that Ng had no funds.
Ng, 51, is contending that the US$35 million was already seized by Malaysian authorities. The sum is what he was accused of receiving in kickbacks.
On Wednesday, US district judge Margo Brodie in Brooklyn, New York, ordered the prosecution and defence to submit arguments on the forfeiture amount, as to whether it violated laws on prohibiting “excessive fines along with cruel and unusual punishment”, Bloomberg reported.
Ng had claimed that the forfeiture amount was “grossly disproportionate”.
Ng was found guilty in April last year of conspiring with fugitive businessman Low Taek Jho and Ng’s former boss at Goldman Sachs, Tim Leissner, to launder money from 1MDB.
Leissner, who testified against his ex-subordinate, has pleaded guilty and is due for sentencing this September. – The Vibes, March 17, 2023