trending Market Intelligence /marketintelligence/en/news-insights/trending/gg_2sCVTotNz_ywP7TV5RA2 content esgSubNav
In This List

Singapore regulator slaps prohibition orders on 2 individuals over 1MDB case

Blog

Insight Weekly: Global stock performance; hydrogen pilot projects; Powell's Fed future unsure

Blog

How Financial Institutions are Managing Exposure to U.S. Municipals

Blog

Top 100 Banks: Capital Ratios Show Resilience to the Pandemic

Blog

Banking Essentials Newsletter: October Edition


Singapore regulator slaps prohibition orders on 2 individuals over 1MDB case

The Monetary Authority of Singapore issued prohibition orders against two individuals for their involvement in 1MDB-related matters.

The regulator said it issued a lifetime ban against Yeo Jiawei, a former wealth manager of BSI Bank, and a three-year ban against Kevin Scully, CEO of NRA Capital Pte. Ltd, from offering financial advisory services, taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory firm in Singapore.

Both orders took effect Dec. 18, the regulator added in a Dec. 19 release.

Yeo was investigated by the Commercial Affairs Department and convicted by the Singapore courts on a number of charges, including money laundering, cheating, and witness tampering.

MAS also found that Scully failed to ensure NRA Capital, which was appointed to conduct the valuation of PetroSaudi Oil Services Ltd., took "sufficient care, judgment and objectivity" in executing the task. PetroSaudi Oil Services is linked to the 1MDB investigations.

As of Dec. 18, US$1 was equivalent to S$1.35.