MAS Bans Former-AIA Representative for 8 Years for Fraud
Monetary Authority of Singapore (MAS) has issued prohibition orders against ex-AIA representative Tan Peng Khoon for 8 years. He will not be allowed to take part in any business under the Insurance Act and providing any financial advisory services, be a director or substantial shareholder of any financial advisory firm under the Financial Advisors Act.
“ MAS Bans ex-AIA Representative for 8 Years “
As a representative of AIA, Peng Khoon had deceived an AIA customer, who did not understand English, into signing documents to surrender a personal life policy for a cash value of $2,018 and to take a policy loan of $6,500. With the signed documents, he cheated AIA into giving him two cheques, issued in his customer’s name for the total sum of $8,518. He then arranged for the customer to make him a joint holder of her bank account under the perception that he will deposit fees (commission) into the account, to repay the loan he owed to the customer. With the jointed name account, he was able to deposit AIA’s cheques into the joint account, and withdraw the proceeds in cash.
On 27th April 2015, he was convicted in the State Courts of Singapore and was sentenced to 18 months’ imprisonment on 27th November 2015.
Source: Official Press Release
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
- Origin: Shanghai, China
- Assets: US$200 billion
Official Website: www.aia.com
News & Media: Press Release
Updated on 31st May 2017
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