6-9-2023 (SINGAPORE) The Monetary Authority of Singapore (MAS) has issued lifetime prohibition orders against former Goldman Sachs banker Roger Ng following his conviction for involvement in money laundering activities related to Malaysia’s 1MDB sovereign wealth fund. Ng, who served as Goldman’s former head of investment banking in Malaysia, was sentenced to 10 years in prison by a US court in March.
According to MAS, Ng conspired with others, including his former boss Tim Leissner, between 2009 and 2014 to launder billions of dollars misappropriated from 1MDB. The fund was established to finance development projects in Malaysia, and Goldman Sachs and its subsidiaries underwrote three bond offering transactions for 1MDB.
MAS had previously issued a lifetime prohibition order against Leissner in 2018. The prohibition orders against Ng, which took effect on Tuesday, prohibit him, as a Malaysian citizen, from engaging in regulated activities under the Securities and Futures Act and from providing financial advisory services under the Financial Advisers Act. He is also permanently banned from participating in the management of any capital market and financial advisory services firm, including acting as a director or becoming a substantial shareholder. MAS stated that Ng had also violated the United States’ Foreign Corrupt Practices Act by bribing government officials in Malaysia and Abu Dhabi.
The 1MDB scandal involved the embezzlement of approximately US$4.5 billion from bonds sold by Goldman Sachs on behalf of 1MDB. The funds were misappropriated by officials, bankers, and their associates, leading to one of the largest scandals in Wall Street history. The money was used for various purposes, including the purchase of luxury real estate, jewelry, artwork, and financing the Hollywood film “The Wolf of Wall Street,” as revealed by the US Department of Justice.
MAS deemed Ng’s misconduct to be severe, stating that allowing him to continue business activities as a representative would be contrary to the public interest. The 1MDB scandal has had far-reaching implications in Malaysian politics, resulting in the conviction of former prime minister Najib Razak, who is serving a 12-year prison sentence for receiving funds from a former 1MDB unit. Ng, who was originally scheduled to begin his jail term on May 4, has secured deferments to spend time with his daughter and due to ongoing negotiations between the Malaysian and US governments over custody arrangements. He is expected to surrender to US authorities in the first week of September to commence his prison sentence.
The lifetime prohibition orders issued by MAS reflect Singapore’s commitment to upholding financial integrity and deterring money laundering activities within its jurisdiction.
