Enforcement Actions Media Releases
Published Date: 05 September 2023

MAS Bans Mr Ng Chong Hwa for Life

Singapore, 5 September 2023… The Monetary Authority of Singapore (MAS) has issued lifetime prohibition orders (POs) against Mr Ng Chong Hwa, also known as Roger Ng, a former Managing Director of Goldman Sachs (Singapore) Pte. The POs were issued following Mr Ng’s conviction in the United States for conspiracy to launder monies embezzled from 1Malaysia Development Berhad (1MDB), and violation of the United States’ Foreign Corrupt Practices Act (FCPA).For details, please see the United States’ Department of Justice’s press release dated 8 April 2022, “Former Goldman Sachs Investment Banker Convicted in Massive Bribery and Money Laundering Scheme ” (Press Release No. 22-349).

2 Under the POs, which took effect from 5 September 2023, Mr 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). 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.

3 Mr Ng was convicted in the United States on 8 April 2022 and sentenced to 10 years’ imprisonment on 9 March 2023For details, please see the United States’ Department of Justice’s press release dated 9 March 2023, “Former Goldman Sachs Investment Banker Sentenced in $2.7B Bribery and Money Laundering Scheme ” (Press Release No. 23-265).. The court found that sometime between 2009 and 2014, Mr Ng conspired with others, including Mr Tim LeissnerMAS issued a lifetime prohibition order to Mr Leissner. Please see MAS’ announcement on 19 December 2018, “MAS Bans Tim Leissner for Life ”., 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. As part of the scheme, Mr Ng and his co-conspirators bribed government officials in Malaysia and Abu Dhabi in order to obtain and retain business from 1MDB. 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. 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.