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Goldman banker close to Malaysia's state fund 1MDB leaves bank -sources
May 15, 2014 / 6:31 AM / 3 years ago

Goldman banker close to Malaysia's state fund 1MDB leaves bank -sources

SINGAPORE, May 15 (Reuters) - 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 Malaysian newspapers.

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)

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