Monetary Authority of Singapore bans Roger Ng for life
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).
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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).
Read more at http://rb.gy/825yt
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00 The Monetary Authority of Singapore, or MAS, has issued a lifetime prohibition order against Ng Chong Hua,
00:08 also known as Roger Ng, a former managing director of Goldman Sachs Singapore Private Limited.
00:13 In a statement, MAS said the prohibition order was issued following Ng's conviction in the United States
00:19 for conspiracy to launder monies embezzled from One Malaysia Development Bureau
00:24 and violation of the United States Foreign Corrupt Practices Act.
00:28 Under the prohibition order which took effect on Tuesday,
00:31 Ng is permanently prohibited from performing any regulated activity under the Securities and Futures Act
00:37 and from providing any financial advisory services under the Financial Advisors Act.
00:42 Ng is also prohibited from taking part in the management, acting as a director,
00:46 or becoming a substantial shareholder of any capital market and financial advisory services firm
00:51 under the Securities and Futures Act and Financial Advisors Act.
00:55 He was convicted in the United States on April 8, 2022
00:59 and sentenced to 10 years' imprisonment on March 9, 2023
01:03 after he was found guilty of conspiring with others, including Tim Lysner,
01:07 to launder billions of dollars misappropriated from 1MDB,
01:11 including funds raised by 1MDB through three bond offerings transactions
01:15 underwritten by the Goldman Sachs Group, Inc. and its subsidiaries and affiliates.
01:20 [ Silence ]