SINGAPORE: The Monetary Authority of Singapore (MAS) has issued a lifetime prohibition order (PO) against Ng Chong Hwa, also known as Roger Ng, a former managing director of Goldman Sachs (Singapore) Pte.

In a statement on Tuesday (Sept 5), MAS said the PO was issued following Ng's conviction in the United States for conspiracy to launder monies embezzled from 1Malaysia Development Bhd (1MDB), and violation of the United States' Foreign Corrupt Practices Act (FCPA).

Under the PO, which took effect on Tuesday, Ng is permanently prohibited 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), said the central bank.

He is also permanently prohibited from 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, it added.

According to MAS, Ng was convicted in the United States on April 8, 2022, and sentenced to 10 years' imprisonment on March 9, 2023.

The court found that sometime 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, it said.

The central bank said they also conspired to circumvent The Goldman Sachs Group, Inc's internal accounting controls in connection with the three bond offering transactions and other 1MDB business.

Ng's severe misconduct has given MAS reason to believe that it would be contrary to the public interest to allow him to carry on business as a representative, said the statement. – Bernama