SINGAPORE, Sept 5 — The Monetary Authority of Singapore (MAS) today issued a lifetime ban to Roger Ng, former managing director of Goldman Sachs (Singapore).
Ng is embroiled in the 1Malaysia Development Bhd (1MDB) scandal.
The order follows the conviction of Ng in the United States for conspiracy to launder money embezzled from 1MDB and violation of the US Foreign Corrupt Practices Act.
“Mr Ng’s severe misconduct has given MAS reason to believe it would be contrary to public interest to allow him to carry on business as a representative,” said MAS.
Under the prohibition order effective today, Ng is permanently banned from performing any regulated activity under the Securities and Futures Act (SFA), said the central bank.
Ng is also banned from providing any financial advisory services under the Financial Advisers Act (FAA) and is not allowed to take part in the management of any capital market and financial advisory services firm under the SFA and FAA, MAS said.
Ng will also not be allowed to act as a director of, or become a substantial shareholder of, any of such firms, said MAS.
Ng was the only Goldman Sachs banker to be tried and convicted in connection with the 1MDB scandal.
He was convicted in the US 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 misappropriated from 1MDB.
MAS imposed a permanent ban on Leissner on December 19, 2018.
Leissner pleaded guilty and testified in the US against Ng as part of a cooperation deal. He has not yet been sentenced.
— Reuters
