Why political elites in Malaysia do not fear graft laws

 No News Is Bad News

Why political elites in Malaysia do not fear graft laws

KUALA LUMPUR, Sept 6, 2023: Even in Singapore, where graft is zero-tolerance, money laundering and the likes are still prevalent.

However, the difference between Singapore and Malaysia is that the former acts swiftly and without fear or favour against all irrespective of positions of high office.

Yesterday, prosecutors told the High Court thyat police had taken control of more than S$1.8 billion in assets as they continue to investigate one of the largest money laundering cases in the island republic.

On the same day, the Monetary Authority of Singapore (MAS) issued a lifetime prohibition orders (POs) against Ng Chong Hwa, also known as Roger Ng, a former managing director of Goldman Sachs (Singapore) Pte.

MAS said the POs were issued following Ng’s conviction in the United States for conspiracy to launder money embezzled from 1Malaysia Development Bhd (1MDB), and violation of the US’ Foreign Corrupt Practices Act (FCPA).

But in Malaysia, it is a haven for money launderers and the corrupt who wield political influence or hold or had held high office.

They are “wosrshipped” for stealing state funds and, when convicted and jailed, they demand for pardon!

Is Malaysia serious about wiping out corruption? Is it a wonder that political elites do not fear the country’s graft laws?

No News Is Bad News reproduces below two news reports from Singapore:

Assets involved in money laundering case balloons to S$1.8bil: Prosecutors

SINGAPORE

Tuesday, 05 Sep 2023

7:54 PM MYT

 

Turkish national Vang Shuiming currently faces five charges, one for using a forged document and four for money laundering. - ST FILE; ST ILLUSTRATION: CEL GULAPA

SINGAPORE (The Straits Times/Asia News Network): The police have taken control of more than S$1.8 billion in assets as they continue to investigate one of the largest money laundering cases in Singapore, prosecutors told the High Court on Tuesday (Sept 5).

The update in the value of assets that have been seized, frozen, or issued with prohibition of disposal orders, came in a hearing where one of the 10 people who have been charged in the case argued for bail to be granted.

The order blocks the sale of assets which are the subject of a police investigation.

Turkish national Vang Shuiming, 42, currently faces five charges, one for using a forged document and four for money laundering.

Vang, who is also known as Wang Shuiming, is alleged to have submitted a forged bank statement to Citibank Singapore in March 2021 as supporting documentation.

The four money laundering charges relate to about $2.4 million held in four UOB and RHB bank accounts. The sums are said to be criminal benefits from an unlicensed moneylending business in China, based on charges filed against him.

Vang, who also has passports from China and Vanuatu, was arrested in a good class bungalow in Bishopsgate, which is in the Tanglin area, on Aug 15.

He was among the nine men and one woman, aged between 31 and 44, who were nabbed following an islandwide raid by more than 400 officers. At the time, the value of assets involved stood at $1 billion.

All 10 individuals have been remanded since they were charged in court on Aug 16.

On Tuesday, after hearing arguments, Justice Vincent Hoong dismissed Vang’s bid to be released on bail. The judge said there was nothing palpably wrong with the district judge’s order for Vang to be further remanded in custody.

Assets worth around $200 million have been seized from Vang, who is the director and shareholder of Zhuo Chi Technology, a firm in Singapore that purportedly deals in software development.

A search of business records showed that he was also the shareholder of Ming Xin (Singapore) Technologly, which was struck off in 2021.

Vang was granted Cambodian citizenship on in March 2019 and is the chairman of Cambodian company Daming IT Services.

According to a notice put up by the Chinese authorities in 2023, he is wanted in China to assist in investigations into the Heng Bo Bao Wang gambling syndicate that was uncovered in 2022.

WORLD

1MDB: Singapore’s monetary authority bans Roger Ng for life

This follows ex-Goldman Sachs banker’s US conviction

Updated 10 hours ago · Published on 05 Sep 2023 7:39PM

According to the Monetary Authority of Singapore, Roger Ng was convicted in the US on April 8, 2022, and sentenced to 10 years’ imprisonment on March 9, 2023. – AFP pic, September 5, 2023

SINGAPORE – The Monetary Authority of Singapore (MAS) has issued lifetime prohibition orders (POs) against Ng Chong Hwa, also known as Roger Ng, a former managing director of Goldman Sachs (Singapore) Pte.

In a statement today, MAS said the POs were issued following Ng’s conviction in the United States for conspiracy to launder money embezzled from 1Malaysia Development Bhd (1MDB), and violation of the US’ Foreign Corrupt Practices Act (FCPA).

Under the POs, which took effect today, Ng is permanently prohibited from performing any regulated activity under the Securities and Futures Act (SFA) and from providing any financial advisory services under the Financial Advisers Act (FAA), said the central bank.

He is also permanently prohibited from taking part in the management, acting as a director, or becoming a substantial shareholder, of any capital market and financial advisory services firm under the SFA and FAA, it added.

According to MAS, Ng was convicted in the US on April 8, 2022, and sentenced to 10 years’ imprisonment on March 9, 2023.

The court found that sometime between 2009 and 2014, Ng conspired with others, including Tim Leissner, to launder billions of dollars misappropriated from 1MDB, including funds raised by 1MDB through three bond offering transactions underwritten by The Goldman Sachs Group, Inc and its subsidiaries and affiliates, it said.

The central bank said they also conspired to circumvent The Goldman Sachs Group, Inc’s internal accounting controls in connection with the three bond offering transactions and other 1MDB business.

Ng’s severe misconduct has given MAS reason to believe that it would be contrary to the public interest to allow him to carry on business as a representative, said the statement. – Bernama, September 5, 2023