MAS bans former insurance agent for 8 years over corruption offences
The Monetary Authority of Singapore on Tuesday issued an eight-year prohibition order against a former insurance agent for corruption offences, including giving bribes amounting to almost $93,000.
James Yeo Siew Liang is not allowed during the ban to provide any financial advisory services and to take part in the management of any insurance intermediary.
From March to June 2018, the former AIG Pacific Insurance and Liberty Insurance agent gave bribes worth a total of $72,211 on eight occasions to an Indonesian embassy official as a reward for accrediting AIG and Liberty to sell performance bonds to employers of Indonesian foreign domestic workers.
Yeo also gave a sum of $21,363.30 on 10 occasions to another person for arranging with the embassy official to show favour to AIG and Liberty in the accreditation.
Yeo was convicted on April 28, 2021, of 18 counts of corruption, and was sentenced to 15 months’ imprisonment and fined $21,363.30.
Those found guilty of corruption can be jailed for up to five years, fined up to $100,000, or both.