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Fifth Person Involved in 1MDB-Related Case Gets Convicted in Singapore

Kelvin Ang, a former broker with Kim Eng Securities till 2015 was fined US$6,477 after he admitted that he made a corrupt payment to an analyst in a Singapore case related to 1MDB investigations.

“Ang made $235,000 in referral fees.”

He was charged a year ago for corruption of S$3,000 given to a research analyst to speed up the preparation of a favourable valuation report. The payment was given to expedite a report for a $2.4 billion valuation for PetroSaudi Oil Services Ltd. assets.  Ang made $235,000 in referral fees in a deal involving the PetroSaudi assets.

News Source: Bloomberg

 



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