Roger Ng, wife challenge bid to forfeit RM1.88m from their bank accounts, claiming the money is not related to 1MDB

TheEdge Fri, Mar 26, 2021 07:41pm - 3 years View Original


KUALA LUMPUR (March 26): Former Goldman Sachs banker Roger Ng Chong Hwa and his lawyer wife, Lim Hwee Bin, are contesting the prosecution's attempt to forfeit RM1.88 million of their money in seven bank accounts, claiming that they are not related to 1Malaysia Development Bhd (1MDB).

Their lawyer Datuk Tan Hock Chuan said the amount sought is not the proceeds from billions of ringgit that supposedly entered someone's account, and that the prosecution is claiming the money just because of an affidavit affirmed by Lim.

“What the prosecution is seeking is not from 1MDB's proceeds. They are making the application to forfeit following bonds issued by Goldman Sachs and basically on suspicion and no real hard evidence,” Tan submitted in the High Court.

“Four of the accounts are owned by Ng, two are joined accounts owned by Ng and his wife and one owned by the wife alone. These are not proceeds from 1MDB and we say that the prosecution has failed to show they are,” he said.

Ng and Lim are the 14th and 15th respondents out of 18 named by the prosecution in seeking some RM31 million worth of assets. Ng is presently in the United States where he is accused by the US Department of Justice of conspiring to launder money and bribe government officials in Malaysia and Abu Dhabi through bond offerings that Goldman Sachs handled.

He was extradited to New York from Kuala Lumpur and is presently held under custody there.

Tan said the amounts in the bank accounts are "very low" with one account having only RM32,000.

The lawyer said the police and prosecution had failed to prove the commission of an offence under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds from Unlawful Activity Act 2001.

“Despite police affirming an affidavit in reply, it does not mean they have proven the nature of money laundering where these proceeds from 1MDB had entered into their accounts.

“There must be credible evidence put against (Ng and Lim) that the subject of the predicate offences under Section 4(1) of AMLATFPUA had been proven against them to allow the forfeiture. The only evidence they have is that the bonds were issued by Goldman Sachs. We submit that this suspicion is not enough to warrant a forfeiture on a balance of probabilities,” Tan submitted.

Besides facing charges in the US, Ng is also facing four charges of abetting Goldman Sachs in the sale of notes and bonds belonging to 1MDB's subsidiaries by omitting material information and publishing untrue statements.

He is charged under Section 370(c) of the Capital Markets and Services Act 2007, which carries a punishment of up to 10 years' imprisonment and a fine of at least RM1 million upon conviction.

Among material facts allegedly omitted in these bonds issuances was the fact that purported master conspirator Low Taek Jho, or Jho Low, was the principal controller and intermediary of 1MDB.

The forfeiture trial will continue on April 1.

Goldman Sachs has previously reached a settlement with the Malaysian government over the 1MDB deal with a US$3.9 billion payment late last year.

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