MAS prohibits another two from Singapore capital market on 1MDB related breaches

PETALING JAYA: The Monetary Authority of Singapore (MAS) has prohibited another two, Ang Wee Keng Kelvin and Lee Chee Waiy, from participating in the Singapore capital market for six years after being found guilty of offences related to 1Malaysia Development Bhd (1MDB) dealings.
The prohibition order (PO) is effective Oct 30, 2017.
Ang, a former representative of Maybank Kim Eng Securities Pte Ltd, was convicted of an offence under the Prevention of Corruption Act for bribing Lee with S$3,000 to expedite the preparation of a valuation report on PetroSaudi Oil Services Limited (PSOSL).
Lee was the primary person in NRA Capital Pte Ltd working on the valuation of PSOSL. He had accepted the bribe from Ang and applied inappropriate methodology and assumptions in the valuation of PSOSL.
A total of six persons involved in 1MDB-related breaches have been issued POs by MAS, with notices of intention to issue POs served on another two persons.
The POs issued have ranged from six years to lifetime bans.
"MAS expects professionals in the financial services industry to uphold high standards of integrity and proper conduct. 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", MAS Deputy MD (Financial Supervision) Ong Chong Tee said in a statement released on its website today.
MAS also announced that it has issued a permanent PO against Yeo Jiawei, a former wealth wealth manager of the now closed BSI Bank from November 2010 to July 2014.
He was convicted by the State Courts in Singapore on several charges, including money laundering; cheating; and tampering of witnesses during Commercial Affairs Department's investigation.
In its May 30, 2017 announcement, MAS also said that it had issued a permanent PO against Jens Fred Sturzenegger, the former branch manager of Falcon Private Bank Ltd, Singapore branch; and served notice of its intention to issue a three-year PO against NRA's CEO Kevin Scully.
Sturzenegger had appealed against MAS' decision to the Minister, it was however dismissed, and the lifetime ban against Sturzenegger was upheld.
MAS is reviewing Scully's written submissions as to why a PO should not be made against him, and will announce its decision once completed.