Ex-Goldman Sachs banker denied bail in Malaysia pending USA extradition

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This included surveilling WSJ reporters in Hong Kong who had been investigating 1MDB, the Journal reports, including by "full scale residence/office/device tapping, computer/phone/web data retrieval, and full operational surveillance." .

Low Taek Jho, or Jho Low (pix), has rubbished a news report claiming that China had offered to bail out 1Malaysia Development Berhad (1MDB) in 2016, describing it as accusations that are politically motivated.

Huge sums were purportedly looted from the Malaysian government fund in an audacious fraud, which allegedly involved former prime minister Najib Razak and contributed to his shock poll defeat in May 2018.

A series of meetings organised by the Journal have revealed that Chinese officials told Malaysian counterparts that China would try to deter corruption probes by the United States and others into the so-called 1MDB fund, if Malaysia agreed to grant China deals as part of its Belt and Road Initiative. The report cited the minutes from meetings between Chinese top officials and their Malaysian counterpart.

After Pakatan Harapan formed the federal government, Prime Minister Tun Dr Mahathir Mohamad swiftly put the Chinese projects on hold. "If this is said, this is something we will pursue".

In return for China's bailout, Malaysia offered stakes in railway and pipeline projects for China's One Belt, One Road program of building infrastructure overseas.

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The Chinese government information office did not respond to requests for comment, the Journal said, adding that China's foreign ministry has earlier denied that money in the programme was used to help bail out the 1MDB fund.

But that's not all: Chinese-funded infrastructure projects were reportedly planned in Malaysia at "above market profitability", with the excess funds created intended partly to "settle the 1MDB debts". He has denied wrongdoing and pleaded not guilty to all charges.

Ng has been detained in Kuala Lumpur since Nov 1 a year ago, 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.

Najib signed $34 billion of rail and pipeline deals with Chinese state companies, the Journal reported.

The U.S. Justice Department has estimated that a total of $4.5 billion was misappropriated by high-level 1MDB fund officials and their associates between 2009 and 2014, including some of the funds that Goldman Sachs helped raise.

Goldman Sachs has denied wrongdoing saying certain members of the former Malaysian government and 1MDB lied to the bank about the proceeds of bond sales.

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