Published: Wed, January 09, 2019
Worldwide | By Jermaine Blake

Ex-Goldman banker accused over 1MDB loses bail bid

Ex-Goldman banker accused over 1MDB loses bail bid

China also offered to bug the homes and offices of Wall Street Journal reporters in Hong Kong who were investigating 1MDB, to learn who was leaking information to them, the Journal said, citing the minutes of the meetings.

The journalists reviewed minutes from meetings between Chinese and Malaysian officials that had not been disclosed before.

Malaysian investigations into 1MDB were relaunched by the new government led by Prime Minister Mahathir Mohamad, and Najib is facing multiple charges for financial crimes, though he has consistently denied any wrongdoing.

China offered to use its influence to persuade the USA and other countries to drop their investigations into the fund and then-Prime Minister Najib Razak, the Wall Street Journal reported on Monday.

Najib is said to have offered the Chinese leadership, also, that ships of war may, in the future, calling at two Malaysian ports.

Since coming to power in May, Mahathir's government has accused the Najib administration of inflating the cost of Chinese deals.

Malaysia's Finance Minister Lim Guan Eng said on Tuesday (Jan 8) that the government was unaware of the discussions detailed in the WSJ report.

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The WSJ report had alleged that China offered to use its influence to help resolve the 1MDB issue in exchange of securing lucrative projects, like the US$16 billion (RM65.8 million) East Coast Rail Link (ECRL) and the US$2.5 billion (RM10.3 billion) Trans Sabah Gas Pipeline projects. Beijing said that it would ensure that countries like the United States and others drop probe against the then Malaysian Prime Minister Najib Razak.

A finance ministry spokeswoman confirmed Lim made the comments.

But that's not all: Chinese-funded infrastructure projects were reportedly planned in Malaysia at "above market profitability", with the excess funds created intended partly to "settle the 1MDB debts". "We do not accept any groundless accusations made against China", the embassy added.

Ng has been detained in Kuala Lumpur since November 1, shortly after the U.S. Department of Justice announced charges against him, another Goldman Sachs official Tim Leissner, and Malaysian financier Low Taek Jho over the alleged theft of billions of dollars from 1Malaysia Development Berhad (1MDB).

An ex-Goldman Sachs banker facing charges in the USA and Malaysia over a massive financial scandal Monday had his bid to be freed on bail rejected by a Kuala Lumpur court.

Najib has been arrested and charged over the scandal since being ejected from office.

Goldman Sachs has denied wrongdoing saying certain members of the former Malaysian government and 1MDB lied to the bank about the proceeds of bond sales.

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