Singapore's central bank bans ex-Goldman banker Ng for life over 1MDB
Reuters
September 5, 2023 19:30 MYT
September 5, 2023 19:30 MYT
Under the prohibition order effective from Tuesday, Roger Ng, former managing director of Goldman Sachs, is permanently banned from performing any regulated activity under the Securities and Futures Act (SFA), according to the MAS. - REUTERS/Filepic
SINGAPORE: Singapore's central bank, the Monetary Authority of Singapore (MAS), said on Tuesday that it had issued a lifetime ban against Ng Chong Hwa, the former managing director of Goldman Sachs (Singapore) embroiled in the 1MDB scandal.
The order follows the conviction of Ng, who is also known as Roger Ng, in the United States for conspiracy to launder money embezzled from the Malaysian state 1Malaysia Development Bhd, or 1MDB, and violation of the U.S. Foreign Corrupt Practices Act (FCPA).
"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 said.
Under the prohibition order effective from Tuesday, Ng is permanently banned from performing any regulated activity under the Securities and Futures Act (SFA), according to the MAS.
Ng is also banned from providing any financial advisory services under the Financial Advisers Act (FAA) and he is not allowed to take part in the management of any capital market and financial advisory services firm under the SFA and FAA, the MAS added.
Ng will also not be allowed to act as a director of, or become a substantial shareholder of, any of such firms, the MAS said.
Ng was the only Goldman Sachs banker to be tried and convicted in connection with the 1MDB scandal.
He was convicted in the U.S on April 8 last year and was sentenced to 10 years in prison on March 9.
The court found that some time between 2009 and 2014, Ng conspired with others, including former Goldman Sachs (Singapore) director Tim Leissner, to launder billions of dollars that were misappropriated from 1MDB.
MAS imposed a permanent ban on Leissner on Dec. 19, 2018.
Leissner pleaded guilty and testified in the United States against Ng as part of a cooperation agreement. He has not yet been sentenced.