SINGAPORE May 15 A Goldman Sachs banker
who helped the company win Malaysian state fund 1Malaysia
Development Berhad (1MDB) deals left the bank last month, two
people familiar with the move said.
Roger Ng, managing director and head of sales Southeast Asia
for fixed income, currencies and commodities at Goldman is no
longer with the company, a spokeswoman told Reuters. She
declined to provide a reason for Ng's departure.
Ng could not be immediately reached for comment.
He was one of the key bankers who helped the Wall Street
bank win deals from 1MDB, including the sale of U.S dollar bonds
to finance acquisitions of power plants, one of the people told
Reuters. The sources declined to be identified as they were not
authorised to speak to the media.
The fund-raising was heavily criticised in Malaysia after it
emerged that 1MDB paid hundreds of millions of dollars to the
Wall Street bank for arranging $6.5 billion in bond private
placements. Details about the fee payment to Goldman was
reported by IFR, a Thomson Reuters publication, as well as
1MDB, which is planning an IPO of up to $2 billion, has also
come under fire for its high debt load, a change of auditors and
its reliance on a sharp revaluation of its property assets to
drive profit growth.
The news of Ng's departure comes a few months after Deutsche
Bank hired Goldman Sachs's Malaysia head of corporate
finance, Yusof Yaacob, in a push to secure more business in one
of the region's more vibrant IPO markets.
Malaysian newspaper The Edge first reported Ng's departure.
1MDB did not reply to emails seeking comment.
(Reporting by Saeed Azhar. Additional reporting by Yantoultra
Ngui in Kuala Lumpur; Editing by Denny Thomas and Edwina Gibbs)