MAS issues prohibition orders against two more for 1MDB-related breaches

SINGAPORE : Monetary Authority of Singapore (MAS) has issued a lifetime prohibition order (PO) against Yeo Jiawei and a three-year prohibition order against Kevin Scully for 1Malaysia Development Bhd (1MDB)-related breaches.
Both POs took effect from yesterday, according to a statement released by the authority on its website.
Including these latest actions, MAS has issued to-date POs against a total of eight persons involved in 1MDB-related breaches.
Yeo, a former Wealth Manager of BSI Bank, was investigated by the Commercial Affairs Department (CAD) on 1MDB-related matters and convicted by the State Courts of Singapore on a number of charges, including money laundering, cheating, and tampering of witnesses during CAD’s investigation.
The PO will prohibit Yeo from (i) providing any capital markets and financial advisory services; and (ii) taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital markets and financial advisory services firm in Singapore.
Scully was the CEO of NRA Capital Pte Ltd, a licensed financial adviser under the Financial Advisers Act. NRA had been appointed to perform the valuation of PetroSaudi Oil Services Limited (PSOSL). MAS found that Scully had failed to ensure that NRA’s valuation of PSOSL was carried out with sufficient care, judgement and objectivity.
Following careful consideration of Scully’s written representations and the relevant facts, MAS decided to proceed with issuing the PO against him.
The PO will prohibit Scully from (i) providing any financial advisory services; and (ii) taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory services firm in Singapore.