Ex-Goldman Sachs Banker Denied Bail in Malaysia Pending Extradition to US

The Wall Street Journal reported that senior Chinese leaders offered to help bail out the troubled state fund in 2016 citing minutes from meetings it reviewed

1MDB is at the centre of a global scandal involving claims of embezzlement and money laundering, with jurisdictions from the US, Malaysia and Singapore probing cases related to the fund.

The Wall Street Journal has a bombshell story (paywall) about China's overseas influence, based on recently uncovered meeting minutes of the previous Malaysian government led by Najib Razak, and interviews with "people in position to know the events, among them a former official of Mr. Najib's government".

Lim Guan Eng, the current finance minister of Malaysia, said that he is "interested to have a copy of those minutes" that the WSJ examined, and would "pursue" anything that is "in black and white" regarding improper deals, the FT reports (paywall).

Najib negotiator on the Chinese side offered accordingly, in 2016 the contract for the construction of Pipelines, Railways and other infrastructure projects in Malaysia, China wanted to achieve in the context of its new silk road. The cost of China-backed projects was certainly enlarged and Malaysia will check whether that was due to 1MDB links, Lim said near Kuala Lumpur on Tuesday.

"With the likelihood that the respondent will abscond, I am of the considered view that the respondent's presence (in court) can not be secured by the setting of bail or the setting of any condition to the granting of bail", he said.

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The foreign ministry has previously denied money from its infrastructure programme was used to bail out 1MDB, the Journal said. Chinese negotiators should were offered, Najib in addition to influence U.S. investigations against Ex-Prime Minister.

Ng has been detained in Kuala Lumpur since Nov 1 past year, shortly after the US Department of Justice announced charges against him, Tim Leissner and Malaysian financier Low Taek Jho over the alleged theft of billions of dollars from 1Malaysia Development Berhad.

Other than that, the ex-PM is also charged with altering report on government audit for protecting himself from criminal, civil or regulatory action. He has denied wrongdoing and pleaded not guilty to all charges. That includes the Sabah gas pipeline project awarded to China Petroleum Pipeline Bureau and overseen by Suria Strategic Energy Resources, which has had its office raided by the anti-graft agency. The scandal was a key reason for the ousting of Najib in the 2018 election, which saw the return of Mahathir Mohamad as prime minister.

China has dismissed a Wall Street Journal (WSJ) report today which claimed it offered the former Barisan Nasional government a deal to bail out 1Malaysia Development Berhad (1MDB) in return for contracts to further its "One Belt, One Road" agenda. It couldn't be determined whether China provided any such information, the newspaper added.

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