Published: Wed, January 09, 2019
Global News | By Blake Casey

China denies offering 1MDB bailout to further ‘One Belt, One Road’ agenda

China denies offering 1MDB bailout to further ‘One Belt, One Road’ agenda

Goldman Sachs has consistently denied wrongdoing, saying that certain members of the former Malaysian government and 1MDB had lied to it about the proceeds of the bond sales.

Ng's lawyers applied for the ex-banker, who has been in custody in Malaysia since the United States filed charges, to be released on bail as part of proceedings linked to the American extradition request.

Former government representatives Prime Minister Najib Razak (third left), Transport Minister Liow Tiong Lai (third right), Finance Minister II Johari Abdul Ghani (second right) and Minister in the Prime Minister's Department Abdul Rahman Dahlan (first right) attend the groundbreaking ceremony of the ECRL in Kuantan on August 9, 2017.

But Judge Edwin Paramjothy Michael Muniandy dismissed the request for bail on Monday, saying there was insufficient evidence that Ng was unfit to remain in custody.

Lawyer Tan Hock Chuan argued that Ng, who had his head shaved and looked weak during the court appearance, had suffered health problems in prison, including food poisoning and dengue fever. New terms are reportedly being negotiated.There are many other juicy details in the piece, including that Xiào Yàqìng 肖亚庆, chairman of China's State-owned Assets Supervision and Administration Commission, had said at a meeting on June 28, 2016 that Xi Jinping had personally approved the infrastructure initiatives.

Mr Tan said he would appeal the judge's ruling and that a reply against Ng's extradition would be filed by Feb 15.

According to prosecutors, Goldman Sachs generated about $600 million in fees for its work with 1MDB, which included three bond offerings in 2012 and 2013 that raised $6.5 billion. He denies any wrongdoing.

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The Malaysian government has said it is seeking up to $7.5 billion in reparations from Goldman Sachs over its dealings with 1MDB.

Prime Minister Mahathir Mohamad said as recently as November that he was continuing talks with China on another project: the 81 billion-ringgit ($19.7 billion) East Coast Rail Link, which remains in limbo after previously being halted and then cancelled.

He also stands accused of altering the report on a government audit into the fund to protect himself from criminal, civil or regulatory action.

In a separate court on January 7, a judge fixed July 8 for the opening of one of those trials.

1MDB is at the center of a global scandal involving claims of embezzlement and money laundering, with jurisdictions from the U.S., Malaysia and Singapore probing cases related to the fund. Najib has been charged with dozens of counts of corruption, criminal breach of trust and money laundering involving 1MDB-related monies.

Prosecutors have prepared a list of 138 witnesses for the trial, which is scheduled to run until August 22, government lawyer Jamil Aripin told the court.

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