U.S. Indicts Jho Low and Banker; Additional Banker Pleads in the 1MDB Case

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Saturday, November 10, 2018
Author: 
Bruce Zagaris
Volume: 
34
Issue: 
11
Abstract: 

On November 1, 2018, the United States Justice Department unsealed a three-count indictment in the U.S. District Court, Eastern District of New York, charging Low Taek Jho, 36, also known as “Jho Low,” and Ng Chong Haw, 51, also known as “Roger Ng,” with conspiring to launder billions of dollars embezzled from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, and conspiring to violate the Foreign Corrupt Practices Act (FCPA) by paying bribes to Malaysian and Abu Dhabi officials.  The indictment also charged Ng with conspiring to violate the FCPA by circumventing the internal accounting controls of Goldman Sachs, which underwrote more than $6 billion in bonds issued by 1MDB in three separate bond offerings in 2012 and 2013, while NG was employed at Goldman Sachs as managing directed.  Malaysian authorities arrested Ng pursuant to a provisional arrest warrant issued at the request of the U.S.  Low remains at large.