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Singapore MAS Bans 2 Former UOB Kay Hian Representatives for Dishonest Conduct on IPO Background Checks

3rd September 2021 | Singapore

Singapore Central Bank Monetary Authority of Singapore (MAS) has banned 2 former UOB Kay Hian representatives for dishonest conduct on IPO background checks.  In 2018, MAS had requested for due diligence report and background checks by a private investigation firm appointed by UOB Kay Hian for the IPO of a company listed on Singapore Exchange Catalist Board.  Lan Kangming (Supervisor) had told MAS that checks had been conducted without any knowledge if it had been done, and thereafter, instructed the private investigation firm to amend its original report.  Wee Toon Lee also told MAS the amended report is the version prepared prior to the IPO while  MAS investigation shows the report was amended post IPO.  In 2020, both Lan Kangming (Supervisor) and Wee Toon Lee, who provided corporate financial advisory services for IPOs at UOB Kay Hian, were charged with furnishing false information to the MAS investigators under section 162(3) of the SFA and fined $3,000 each.  On 2nd September 2021, MAS issued a 4 year prohibition order (PO) against Lan Kangming and 3 year prohibition order (PO) against Wee Toon Lee, following their convictions in the State Courts for offences involving dishonesty.  (IPO ~ Initial Public Offering)

“ Singapore MAS Bans 2 Former UOB Kay Hian Representatives for Dishonest Conduct on IPO Background Checks “


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Monetary Authority of Singapore (MAS) Statement:

Singapore | Leading financial centre in Asia

Mr Lan and Mr Wee’s convictions for offences involving dishonesty, as well as their conduct during MAS’ inspection, have given MAS reason to believe that Mr Lan and Mr Wee have not and will not carry out regulated activities under the SFA honestly. The POs were therefore issued against Mr Lan and Mr Wee.


Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS:

“MAS expects representatives of issue managers to act with honesty and integrity at all times. In providing false information to MAS, the representatives had hindered MAS’ performance of its regulatory functions, which are aimed at protecting investors and the integrity of our capital markets. Such conduct will not be tolerated.”





About Monetary Authority of Singapore

Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. The Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities.

As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education.

MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

Visit: Monetary Authority of Singapore

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