Ex-remisier fined for corruption linked to 1MDB | The New Paper

Ex-remisier fined for corruption linked to 1MDB

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A fifth person here has been convicted in connection with the ongoing probe into 1Malaysia Development Berhad.

Kelvin Ang Wee Keng, a remisier at Maybank Kim Eng Securities until 2015, was fined $9,000 yesterday after pleading guilty to a count of corruption.

District Judge Lim Keng Yeow told the court: "Such acts of corruption must be robustly deterred."

In August 2013, Ang, 35, was asked by former BSI banker Yeo Jiawei, who was also a friend, if he could get the oil field assets of PetroSaudi Oil Services valued.

Ang, who was making about $100,000 a year in commissions at the time, recommended NRA Capital to do the valuation. He later gave NRA Capital research analyst Lee Chee Waiy a $3,000 bribe to speed up preparation of a favourable valuation report.

Ang also made US$235,000 (S$326,000) in referral fees out of the US$300,000 paid to NRA Capital.

The prosecution said Ang offered the bribe out of concern "that the valuation report would not be ready in time, which could compromise his referral fees".

Deputy Public Prosecutor Vincent Ong, who asked for a $10,000 fine to be imposed, said Ang had given the bribe to "advance his own interest". He also noted that Ang has agreed to surrender the US$235,000.