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FINANCIAL SERVICES, PROFESSIONAL SERVICES/LEGAL | Staff Reporter, Singapore
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Singapore to repatriate $35m of 1MDB funds to Malaysia

The money was surrendered by former Goldman Sachs banker Roger Ng.

Authorities are preparing to return approximately $35m (US$26m) surrendered by former Goldman Sachs Group Inc. banker Roger Ng and his family to Malaysia in connection with the 1MDB scandal, according to a report by Bloomberg.

Ng faces charges in Malaysia and the US for his involvement in $6.5b of bond sales that Goldman arranged for the troubled 1Malaysia Development Bhd. state fund. Authorities in several countries including the US have alleged that much of the money raised was siphoned off to enrich politicians.

Also read: MAS slaps lifetime prohibition order against former Goldman exec

Former Malaysian prime minister Najib Razak is standing trial on 1MDB-related charges in Kuala Lumpur.

Singapore in September 2018 ordered the first batch of misappropriated 1MDB money, $15.3m which were recovered in various currencies, to be returned to Malaysia.

Read the full report here.

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