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Singapore's MAS bans Roger Ng for life over 1MDB conviction
MAS' prohibition orders commenced on Tuesday (5 September).
SINGAPORE – The Monetary Authority of Singapore (MAS) on Tuesday (5 September) issued lifetime prohibition orders (POs) against former Goldman Sachs banker Ng Chong Hwa, also known as Roger Ng, for his involvement in Malaysia's 1 Malaysia Development Berhad (1MDB) sovereign wealth fund saga.
The POs issues following Ng's conviction in the US for conspiracy to launder monies embezzled from 1MDB, and violation of the US' Foreign Corrupt Practices Act (FCPA).
Under the prohibition orders, which took effect on Tuesday, Ng, a Malaysian, 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)", MAS said. "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.
Ng was convicted in the US on 8 April 2022 and sentenced to 10 years' imprisonment on 9 March.
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Soometime between 2009 and 2014, the former banker conspired with others, including Goldman's ex-Southeast Asia Chief Tim Leissner – MAS had banned Leissner for life in 2018 – to launder billions of dollars misappropriated from 1MDB. This included funds raised by 1MDB through three bond offering transactions underwritten by The Goldman Sachs Group, Inc, and its subsidiaries and affiliates.
As part of the scheme, MAS noted in its announcement, Ng and his co-conspirators bribed government officials in Malaysia and Abu Dhabi in order to obtain and retain business from 1MDB. "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."
Roger Ng's 'severe misconduct': MAS
"Mr Ng's severe misconduct has given MAS reason to believe that it would be contrary to public interest to allow him to carry on business as a representative," MAS added.
The 1MDB scandals has impacted on Malaysian domestic politics and has been described as one of the world's greatest financial scandals. Malaysia's former prime minister Najib Razak is serving a 12 year prison sentence for receiving US$10 million from a former 1MDB unit.
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