Malaysia 1MDB scandal: Singapore’s central bank gives lifetime ban to Roger Ng, ex-Goldman Sachs banker for role in fraud

The order follows the conviction of Ng, who is also known as Roger Ng, in the United States for conspiracy to launder money embezzled from the Malaysian state 1Malaysia Development Bhd, or 1MDB, and violation of the US Foreign Corrupt Practices Act (FCPA).

“Mr Ng’s severe misconduct has given MAS reason to believe that it would be contrary to public interest to allow him to carry on business as a representative,” MAS said.

Under the prohibition order effective from Tuesday, Ng is permanently banned from performing any regulated activity under the Securities and Futures Act (SFA), according to the MAS.

Ng is also banned from providing any financial advisory services under the Financial Advisers Act (FAA) and he is not allowed to take part in the management of any capital market and financial advisory services firm under the SFA and FAA, the MAS added.

Ng will also not be allowed to act as a director of, or become a substantial shareholder of, any of such firms, the MAS said.

Ng was the only Goldman Sachs banker to be tried and convicted in connection with the 1MDB scandal.

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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 that were misappropriated from 1MDB.

MAS imposed a permanent ban on Leissner on December 19, 2018.