Ng faces four charges under Section 370 (c) of the Capital Markets and Services Act for abetting in the bank’s offence in omitting material facts over fugitive businessman Low Taek Jho, better known as Jho Low, who was said to be the operator and key intermediator for 1MDB.
The bank, which he previously served, was also accused of hiding information where 1MDB had fully underwritten all amounts related to cost, expenses and damages suffered by the International Petroleum Investment Company (IPIC) in an agreement dated May 21, 2012.
The bonds that Ng’s former company tried to raise were valued at US$6.5 billion. The offences allegedly took place between March 19, 2012 and Nov 11, 2013.
If found guilty of abetting, Ng faces a maximum 10 years in jail and a maximum fine of RM1 million.
Judge Ahmad Kamal Ariffin Ismail granted bail of RM1 million to Ng with two sureties and ordered him to surrender his passport to the court.
Ng’s lawyer Tan Hock Chuan told reporters his client would not be released today as he is currently on 60 days’ remand for his extradition case.
The next mention was set for March 18, 2019.
Earlier today, another Sessions Court set Ng’s extradition case for mention on Jan 4, 2019.
The government wants to send Ng back to the US, based on Washington’s extradition request.
Ng was remanded for 60 days beginning Nov 1. Last week, he failed to obtain bail from the High Court to be freed pending the government’s bid to extradite him to the US.
Ng is one of three current and former Goldman bankers implicated by the US Department of Justice (DoJ) as having taken part in or having knowledge of what the DoJ called a “multiyear criminal enterprise”.
Ng was a deputy to Goldman’s former Southeast Asia chairman Tim Leissner, who has pleaded guilty to his role in the scandal.
Goldman Sachs arranged bond offerings that helped the fund raise more than US$6 billion, much of which, according to international authorities, was squirrelled away in private accounts and used to buy yachts, paintings and high-end real estate.