MAS Issues Prohibition Orders Against Individuals for 1MDB-Related Breaches
The Monetary Authority of Singapore (MAS) has issued a 6 years Prohibition Orders (POs) against Mr Ang Wee Keng Kelvin and Mr Lee Chee Waiy, and notice of intention to issue a permanent PO (for life) against Mr Yeo Jiawei.
” 6 Years Prohibition Orders and Possible Lifetime Ban for 1MDB-Related Individuals “
Mr Ang, a former representative of Maybank Kim Eng Securities Pte Ltd, was convicted of an offence under the Prevention of Corruption Act for bribing Mr Lee with $3,000 to expedite the preparation of a valuation report on PetroSaudi Oil Services Limited (PSOSL). Mr Lee was the primary person in NRA Capital Pte Ltd (NRA) working on the valuation of PSOSL. He had accepted the bribe from Mr Ang and had applied inappropriate methodology and assumptions in the valuation of PSOSL.
Mr Yeo, a former Wealth Manager of BSI Bank. Mr Yeo had been investigated by the Commercial Affairs Department (CAD) on 1MDB-related matters. He was convicted by the State Courts in Singapore on several charges, including money laundering, cheating and tampering of witnesses.
On 30th May 2017, MAS also said that it had issued a permanent PO against Mr Jens Fred Sturzenegger, the former branch manager of Falcon Private Bank Ltd, Singapore branch and served notice of its intention to issue a 3-year PO against Mr Kevin Scully, NRA’s Chief Executive Officer.
Mr Sturzenegger had appealed against MAS’ decision to the Minister. The Minister has dismissed the appeal and upheld the lifetime ban against Mr Sturzenegger.
MAS is reviewing Mr Scully’s written submissions as to why a PO should not be made against him and will announce its decision when this review is completed.
The POs prohibit them from providing financial advisory, becoming a management, director or substantial shareholder of any financial advisory firms in Singapore.
Mr Ong Chong Tee, MAS Deputy Managing Director (Financial Supervision):
“MAS expects professionals in the financial services industry to uphold high standards of integrity and proper conduct. Those who fall short of these standards will be dealt with firmly, to safeguard public trust in our financial institutions and Singapore’s reputation as a clean financial centre.”
Source: Official Press Release
About Monetary Authority of Singapore
Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
- Origin : Singapore
- Assets : USD 385.12 billion
- Revenue : USD 1.89 billion
Official Website: www.mas.gov.sg
News & Media: Press Release
Updated on 8th August 2016
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