Ex-Goldman Sachs Banker Roger Ng Gets Lifetime Ban From Monetary Authority Of Singapore
The Monetary Authority of Singapore (MAS) stated that Singapore’s central bank has issued a lifetime prohibition order (PO) against Ng Chong Hwa, or Roger Ng, a former managing director of Goldman Sachs in Asia.
In a statement given by MAS on Tuesday (Sept 5), the PO was issued after Ng’s conviction in the United States for conspiracy to help launder billions of dollars that was embezzled from the 1Malaysia Development Bhd (1MDB), and violation of the United States’ Foreign Corrupt Practices Act (FCPA).
The order, which takes effect immediately, will permanently prohibit Ng 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).
Under the prohibition, Ng will also be permanently banned from taking part in management (acting as a director, becoming a substantial shareholder) of any capital market.
Back in March, Ng was convicted of helping loot billions of dollars from 1MDB and was sentenced to 10 years in prison.
Ng, however, managed to secure deferments from the US courts to start his jail term, which was originally set to begin on May 4. He is currently on bail in the US and is expected to surrender himself to the authorities in September to begin his jail sentence.
Ng was found guilty of helping his former boss, ex-Goldman’s Southeast Asia chief Tim Leissner, to embezzle money from the fund, launder the proceeds and bribe government officials.
Leissner was also given a lifetime MAS prohibition order back in 2018.
Meanwhile, former prime minister Najib Razak was convicted in a Malaysian court for receiving a US$10 million bribe from a former 1MDB unit. He is currently serving a 12-year prison sentence in Kajang.