Earlier this month, the Monetary Authority of Singapore (MAS) issued a lifetime prohibition order against Ng Chong Hwa, also known as Roger Ng, a former Managing Director for Goldman Sachs in Singapore. The action, which prevents Ng from ever working in the financial industry again, follows his conviction in the United States for conspiring to launder embezzled funds from 1Malaysia Development Bhd (1MDB) and violating the Foreign Corrupt Practices Act.
"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 wrote.
Between 2009 and 2014, Ng conspired with others, including Tim Leissner, to launder billions of dollars misappropriated from 1MDB, including funds raised through three bond offering transactions underwritten by Goldman Sachs.
Under the prohibition order, Ng is permanently barred from engaging in regulated activities under the Securities and Futures Act (SFA) and providing financial advisory services under the Financial Advisers Act (FAA). Additionally, he cannot hold management roles, act as a director, or become a substantial shareholder in capital market or financial advisory firms.
Goldman Sachs itself has also faced massive costs as a result of the scandal, paying a total of $5 billion in fines to global regulators. And this number may yet grow. Last month, Malaysian Prime Minister Anwar Ibrahim said that the country is considering suing Goldman Sachs as he believes the previous settlement was too small.
Earlier this year, Starling Insights published "The Era of Accountability," a Deeper Dive report discussing the global push from regulators, politicians, investors, employees, and the public to hold corporate leaders accountable for the (mis-) management of culture and conduct risks.