Duo in 1MDB-linked case hit with prohibition orders

This article is more than 12 months old

The Monetary Authority of Singapore (MAS) said it has 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.

It has also served notice of its intention to issue a PO against former BSI Bank wealth planner Yeo Jiawei.

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

Meanwhile, the authority has served notice of its intention to issue a permanent PO against Yeo, who has been investigated by the Commercial Affairs Department (CAD) on 1MDB-related matters.

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

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 Mr Lee with $3,000 to expedite the preparation of a valuation report on PetroSaudi Oil Services (PSOSL).

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

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