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MAS Issues Lifetime Ban to Ex-BSI Banker

Monetary Authority of Singapore (MAS) has issued a lifetime Prohibition Order (PO) against ex-BSI banker Mr Yeo Jiawei.  The prohibition order prevents him from providing any capital markets & financial advisory services and being involved as management, director or substantial shareholder of any capital markets and financial advisory services firm in Singapore. This comes into effect on 18th December 2017.

“ MAS Issues Lifetime Prohibition Order to Ex-BSI Banker “

Mr Yeo, a former Wealth Manager of BSI Bank, was investigated by the Commercial Affairs Department (CAD) on 1MDB-related matters and convicted by the State Courts of Singapore on a number of charges, including money laundering, cheating, and tampering of witnesses during CAD’s investigation.

Mr Kevin Scully, CEO of NRA Capital Pte Ltd was also issued a 3 year Prohibition Order. MAS found he had failed to ensure that NRA’s valuation of PetroSaudi Oil Services Limited was carried out with sufficient care, judgement and objectivity. Including these latest actions, MAS has issued to-date POs against a total of eight persons involved in 1MDB-related breaches.

Source: Official Press Release

 

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