MAS proposes lifetime ban against Yeo Jiawei in 1MDB case; slaps 6-year bans on two others

Ex-BSI Bank employee Yeo Jiawei has already been sentenced to four-and-a-half years jail for money laundering and cheating in the 1MDB-related case.
Ex-BSI Bank employee Yeo Jiawei has already been sentenced to four-and-a-half years jail for money laundering and cheating in the 1MDB-related case. PHOTO: COURT DOCUMENTS

SINGAPORE - The Monetary Authority of Singapore (MAS) gave notice on Wednesday (Nov 1) that it plans to to issue a lifetime ban against former BSI Bank wealth planner Yeo Jiawei, who emerged as a key figure in Singapore's probe into Malaysian state fund 1Malaysia Development Berhad (1MDB).

The MAS also issued prohibition orders (POs) against former remisier of Maybank Kim Eng Securities, Ang Wee Keng Kelvin, and former NRA Capital research head Lee Chee Waiy. 

The six-year PO against Ang and Lee took effect from Oct 30, the MAS said.

Yeo was convicted by the State Courts in Singapore on several charges, including money laundering, cheating, and tampering of witnesses during investigations.

The proposed PO will prohibit 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.

Ang 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, the primary person in NRA Capital (NRA) working on the valuation of PSOSL, accepted the bribe from Ang and applied inappropriate methodology and assumptions in the valuation of PSOSL.

 
 

The POs will prohibit them for a period of six years, from providing any capital market and/or 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.

To date, a total of six persons involved in 1MDB-related breaches have been issued POs by the 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," said Ong Chong Tee, MAS deputy managing director (Financial Supervision). "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."