Singapore slaps prohibition orders on two people over 1MDB-related breaches

The Monetary Authority of Singapore (MAS) on Wednesday announced that it had issued prohibition orders against individuals involved in breaches related to Malaysia's scandal-tainted 1MDB fund.

The MAS said it has issued six-year prohibition orders against Ang Wee Keng Kelvin and Lee Chee Waiy with effect from Oct. 30.


Singapore slaps prohibition orders on two people over 1MDB-related breaches

© REUTERS/Olivia Harris/File Photo - S1AETLIFDCAA
Men walk past a 1Malaysia Development Berhad (1MDB) billboard at the fund's flagship Tun Razak Exchange development in Kuala Lumpur

The prohibition orders will bar them from roles such as providing any financial advisory services and taking part in the management of any financial services firm in Singapore.

The MAS also said it has served notice of its intention to issue a permanent prohibition order against Yeo Jiawei, a former wealth manager of BSI Bank.

In May, Singapore's central bank said it had ended its review of banks with 1MDB-linked transactions. [nL3N1IW070]

(Reporting by Masayuki Kitano; Editing by Kim Coghill)

 Source : https://www.msn.com/en-sg/news/other/singapore-slaps-prohibition-orders-on-two-people-over-1mdb-related-breaches/ar-AAuivyz