Department of Justice Office of Public Affairs
Malaysian Financier Low Taek Jho and Former Banker Ng Chong Hwa Indicted for Conspiring to Launder Billions of Dollars
released on November 1, 2018
FOR IMMEDIATE RELEASE
Press Release Number:
18-1429
Thursday, November 1, 2018
Malaysian Financier Low Taek Jho, Also Known As “Jho Low,” and Former Banker Ng Chong Hwa, Also Known As “Roger Ng,” Indicted for Conspiring to Launder Billions of Dollars in Illegal Proceeds and to Pay Hundreds of Millions of Dollars in Bribes
Former Banker Tim Leissner Pleaded Guilty to Conspiring to Launder Money and to Violate the Foreign Corrupt Practices Act Related to 1MDB
A three-count criminal indictment was unsealed today in federal court in the Eastern District of New York charging Low Taek Jho, 36, also known as “Jho Low,” and Ng Chong Hwa, 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 various Malaysian and Abu Dhabi officials. As part of the three-count indictment, Ng is also charged with conspiring to violate the FCPA by circumventing the internal accounting controls of a major New York-headquartered financial institution (Financial Institution), 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 the Financial Institution as a managing director. Ng was arrested earlier today in Malaysia, pursuant to a provisional arrest warrant issued at the request of the United States. Low remains at large....Continue article here
Chinese, Taiwanese companies indicted for stealing U.S. trade secrets
Nov. 1 (UPI) — A federal grand jury indicted companies in China and Taiwan on charges related to a conspiracy to steal trade secrets from an Idaho-based company, the U.S. Department of Justice said Thursday.
Along with the two companies, three individuals were charged with a conspiracy to commit economic espionage, among other crimes to steal trade secrets from Micron Technology, Inc., which specializes in developing and manufacturing memory products such as dynamic random-access memory, the Justice Department said.
“Micron is worth an estimated $100 billion and has a 20 to 25 percent share of the dynamic random access memory industry — a technology not possessed by the Chinese until very recently,” Attorney General Jeff Sessions said.
The indictment stated that Chen Zhengkun, aka Stephen Chen, served as general manager and chairman of an electronics corporation that Micron acquired in 2013. Chen then left to become president of a Micron subsidiary in Taiwan, Micron Memory Taiwan, which was responsible for manufacturing at least one of Micron’s DRAM chips.
In 2015, Chen resigned from MMT and began working at Taiwanese semiconductor foundry United Microelectronics Corporation. While working at UMC Chen allegedly arranged a cooperation agreement with a Chinese state-owned business, Fujian Jinhua Integrated Circuit Company, to transfer DRAM technology for Fujian Jinhua to mass produce...Continue article here
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