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

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

FILE PHOTO: A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, in this March 1, 2015 file photo.
REUTERS/Olivia Harris/File Photo
SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Wednesday (Nov 1) that it has issued prohibition orders against two individuals involved in 1MDB-related breaches.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. 
Source: CNA/nc
Source : http://www.channelnewsasia.com/news/singapore/mas-issues-prohibition-orders-against-individuals-involved-in-9364290