The Monetary Authority of Singapore (MAS) has issued a lifetime prohibition order (PO) against Ng Chong Hwa, the former managing director of Goldman Sachs (Singapore).
The POs, which took effect from Sept 5, were issued following Ng’s conviction in the US for conspiring to launder monies embezzled from 1Malaysia Development Berhad (1MDB). Ng was also convicted for violating the US’s Foreign Corrupt Practices Act (FCPA).
Under the POs, Ng is permanently banned from performing any regulated activity under the Securities and Futures Act (SFA). He is also prohibited from providing any financial advisory services under the Financial Advisers Act (FAA). In addition, Ng is also not allowed to take part in the management of any capital market and financial advisory services firm under the SFA and FAA. He will also not be allowed to act as a director or become a substantial shareholder of any of such firms.
Ng, who is also known as Roger Ng, was the only Goldman Sachs banker that was tried and convicted in connection to the 1MDB scandal. He was convicted in the US on April 8, 2022, and was sentenced to 10 years’ imprisonment on March 9.
Ng had worked with others, including former Goldman Sachs (Singapore) director, Tim Leissner, to launder billions of dollars that were misappropriated from 1MDB. Leissner was issued a permanent ban from the MAS on Dec 19, 2018.
