A US jury has convicted former Goldman Sachs managing director Roger Ng for helping to loot hundreds of billions of dollars from 1MDB.
“The scheme was massive in its scale,” Breon Peace, the US attorney for the Eastern District of New York, said in a statement.
“It was brazen in its execution. Ng obtained lucrative business for his employer by bribing a dozen government officials in Malaysia and Abu Dhabi. And it was obscene in its greed.
“Today’s verdict is a victory for not only the rule of law, but also for the people of Malaysia….
“The defendant and his cronies saw 1MDB not as an entity to do good for the people of Malaysia, but as a piggy bank to enrich themselves with piles of money siphoned from the fund.
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“With today’s verdict, a powerful message has been delivered to those who commit financial crimes motivated by greed. You will be caught, prosecuted and convicted like Mr Ng and face a long prison sentence.”
Published by the US Attorney’s Office for the Eastern District of New York