Singapore slaps prohibition orders on two people over 1MDB-related breaches

The Monetary Authority of Singapore (MAS) on Wednesday said it has barred two individuals involved in breaches related to Malaysia`s 1MDB fund from taking part in financial services management and advisory activities.

The MAS said it has issued six-year prohibition orders against Ang Wee Keng Kelvin and Lee Chee Waiy, which took effect from Oct. 30.

The orders will bar them from roles such as providing any financial advisory services and taking part in the management of any financial services firm in Singapore.

The MAS said Ang, a former representative of Maybank Kim Eng Securities Pte Ltd, 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, who was the primary person in NRA Capital Pte Ltd working on the valuation of PSOSL, had accepted the bribe from Ang and applied inappropriate methodology and assumptions in the valuation of PSOSL, the central bank added.

In May, a Singapore court had sentenced Ang with a fine of S$9,000 after he pleaded guilty to corruption, while Lee has not been charged, according to a Channel NewsAsia story at the time.

Lee could not immediately be reached by phone and did not immediately respond to an email for comment on the MAS prohibition order.

The MAS also said it has served notice of its intention to issue a permanent prohibition order against Yeo Jiawei, a former wealth manager of BSI Bank.

In July, a Singapore court jailed Yeo for 4-1/2 years for money laundering and cheating in a case linked to investigations into the siphoning of billions of dollars from Malaysian sovereign fund 1MDB.

Singapore`s central bank had said in May that it had ended its review of banks with 1MDB-linked transactions.

1MDB, founded by Malaysian Prime Minister Najib Razak, is facing money laundering probes in at least six countries including the United States, Switzerland and Singapore.

Najib has denied any wrongdoing.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)