(May 5): Singaporean authorities are preparing to return about $35 million surrendered by former Goldman Sachs Group Inc. banker Roger Ng and his family in connection with the 1MDB scandal to Malaysia, according to people familiar with the matter.
A Singaporean court in recent weeks cleared the way for the funds to be repatriated, said the people, who asked not to be named discussing sensitive information. Singapore authorities
didn’t immediately reply to an email seeking comments. Ng’s lawyer didn’t immediately respond to calls or an email for comment.
Ng faces charges in Malaysia and the US for his involvement in US$6.5 billion of bond sales that Goldman arranged for the troubled state fund, called 1Malaysia Development Bhd.
Authorities in several countries including the US have alleged that much of the money raised was siphoned off to enrich politicians. Former Malaysian Prime Minister Najib Razak is currently standing trial on 1MDB-related charges in Kuala Lumpur.
Ng has denied wrongdoing. He was deputy to Goldman’s former Southeast Asia Chairman Tim Leissner, who has pleaded guilty to US charges including conspiring to launder money. Both men
have been banned from the US financial industry by the Federal Reserve.
Singapore in September ordered the first batch of misappropriated 1MDB money -- $15.3 million which were recovered in various currencies -- to be returned to Malaysia.