Singapore bans two more finance execs for 1MDB-related money laundering breach

Singapore has issued a lifetime Prohibition Order (PO) against Yeo Jiawei and a three-year PO against Kevin Scully, the Monetary Authority of Singapore said in a statement on Tuesday.

Including these latest actions, MAS has issued to-date POs against a total of eight persons involved in 1MDB-related breaches.

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

Yeo, a former Wealth Manager of a Swiss private bank BSI SA, 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.

The PO will prohibit him from providing any capital markets and financial advisory services as well as 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, former CEO of NRA Capital Pte Ltd failed to ensure that NRA’s valuation of PetroSaudi Oil Services Limited—which had formed a joint venture with 1MDB—with sufficient care, judgement and objectivity, said MAS.

Scully is prohibited from providing any financial advisory services as well taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory services firm in Singapore.

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