Singapore’s
Monetary Authority (MAS) has issued lifetime prohibition orders (POs) against Ng,
also known as Roger Ng, a former Managing Director of Goldman Sachs (Singapore)
Pte. The POs were issued following Ng’s conviction in the United States for
conspiracy to launder monies embezzled from 1Malaysia Development Berhad (1MDB)
and violation of the United States’ Foreign Corrupt Practices Act (FCPA). The
POs took effect from 5 September 2023.
MAS
Imposes Permanent Prohibitions on Ng
Under
these POs, Ng is permanently prohibited by MAS from performing any regulated activity
under the Securities and Futures Act (SFA), providing any financial advisory
services under the Financial Advisers Act (FAA), 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.
Ng
was convicted in the United States on 8 April 2022, and he was sentenced to 10
years’ imprisonment on 9 March 2023. The court found that between 2009 and
2014, Ng conspired with others, including Tim Leissner, to launder billions of
dollars misappropriated from 1MDB, including funds raised by 1MDB through three
bond offering transactions underwritten by The Goldman Sachs Group, Inc. and
its subsidiaries and affiliates.
1MDB
Money Laundering Scheme
Goldman Sachs and its Malaysian
subsidiary respectively, have confessed to conspiring to violate the Foreign
Corrupt Practices Act (FCPA). Their admission is linked to 1MDB scheme in which
they paid over $1 billion in bribes to officials in Malaysia and Abu Dhabi.
This was done to secure lucrative business opportunities for Goldman Sachs,
including its involvement in underwriting approximately $6.5 billion worth of
bonds for 1Malaysia Development Bhd. (1MDB), resulting in the bank earning
hundreds of millions in fees. As part of a coordinated resolution with authorities
in the United States, the United Kingdom, Singapore, and other jurisdictions,
Goldman Sachs will pay more than $2.9 billion.
Ng’s
severe misconduct led MAS to believe that it would be against the public
interest to allow him to continue business as a representative.
This article was written by Tareq Sikder at www.financemagnates.com.
