1MDB investigation: Singapore issues prohibition orders against two bankers

1MDB investigation: Singapore issues prohibition orders against two bankers

The Monetary Authority of Singapore (MAS) building. (Photo: AFP/Roslan Rahman)
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Tuesday (Dec 19) it has issued a prohibition orders against two bankers in its 1MDB investigation.A lifetime prohibition order was issued against former BSI banker Yeo Jiawei and a three-year prohibition order against NRA Capital CEO Kevin Scully. Both orders took effect on Monday.MAS had earlier served notices of intention to issue prohibitions against the two men earlier this year.Yeo, a former wealth manager of BSI Bank, was investigated by the Commercial Affairs Department on 1MDB-related matters and convicted on a number of charges, including money laundering, cheating, and tampering of witnesses during the investigation.MAS said the prohibition order will prohibit Yeo from providing any capital markets and financial advisory services.He will also not be able to take part in the management of, acting as a director of, or becoming a substantial shareholder of any capital markets and financial advisory services firm in Singapore, MAS added.
Mr Scully was the chief executive officer of NRA Capital, a licensed financial adviser. The company had been appointed to perform the valuation of PetroSaudi Oil Services.MAS said it found that Mr Scully had failed to ensure that NRA’s valuation of PetroSaudi Oil Services was carried out with sufficient care, judgment and objectivity.The authority said it decided to proceed with issuing the prohibition order against Mr Scully after considering his written representations and the relevant facts. The prohibition order will prohibit Mr Scully from  providing any financial advisory services, and taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory services firm in Singapore, MAS said.Including these latest actions, MAS has issued prohibition orders against a total of eight people involved in 1MDB-related breaches.
Source: CNA/ms
 Source : http://www.channelnewsasia.com/news/singapore/1mdb-investigation-singapore-issues-prohibition-orders-against-9509354