MAS issues prohibition orders against individuals involved in 1MDB-related breaches

MAS issues prohibition orders against individuals involved in 1MDB-related breaches

SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Wednesday (Nov 1) that it has issued prohibition orders against two individuals involved in breaches related to Malaysian state fund 1Malaysia Development Berhad (1MDB).

Six-year prohibition orders have been issued against Mr Ang Wee Keng Kelvin and Mr Lee Chee Waiy, said MAS in a media release.

It also announced that it has served notice of its intention to issue a prohibition order against Mr Yeo Jiawei.

Mr Ang, a former representative of Maybank Kim Eng Securities, was convicted of an offence under the Prevention of Corruption Act for bribing Mr Lee with S$3,000 to expedite the preparation of a valuation report on PetroSaudi Oil Services Limited (PSOSL), said MAS.

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, added MAS.

The prohibition orders will stop Mr Ang from providing any capital market and financial advisory services and taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market and financial advisory services firm in Singapore.

The same will apply to Mr Lee for any financial advisory services firm.

In addition, MAS has served notice of its intention to issue a permanent prohibition order against Mr Yeo, a former Wealth Manager of BSI Bank.

Mr Yeo had been investigated by the Commercial Affairs Department on 1MDB-related matters, and was convicted on several charges, including money laundering, cheating and tampering of witnesses during CAD’s investigation.

The proposed order will prohibit Mr Yeo for life from providing any capital market and financial advisory services and taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market and financial advisory services firm in Singapore. 

6 PEOPLE ISSUED WITH PROHIBITION ORDERS TO DATE

In addition, MAS said that the permanent prohibition order it issued earlier this year against former Singapore branch manager of Falcon Private Bank, Mr Jens Fred Sturzenegger, has been upheld.

Mr Sturzenegger was convicted of financial crimes including providing false information to authorities in an attempt to cover up his knowledge of Falcon Bank’s relationship with Malaysian businessman Mr Low Taek Jho.

Mr Sturzenegger had appealed MAS' decision but his appeal was dismissed and the lifetime ban upheld, said MAS.

MAS had also served notice of its intention to issue a three-year prohibition order against Mr Kevin Scully, NRA’s chief executive officer, earlier this year.

The authority said it is reviewing Mr Scully’s written submissions as to why a prohibition order should not be made against him, and will announce its decision when the review is completed.

To date, six people involved in 1MDB-related breaches have been issued prohibition orders by MAS, with notices of intention to issue prohibition orders served on another two people.

“MAS expects professionals in the financial services industry to uphold high standards of integrity and proper conduct," said Mr Ong Chong Tee, MAS' deputy managing director for financial supervision.

"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: CNA/nc

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