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Singapore hands life ban to banker in 1MDB-linked cases

by December 19, 2017 General

SINGAPORE: Singapore on Tuesday banned a jailed banker from working in its financial services industry for life over his links to the international money-laundering scandal involving neighboring Malaysia’s state fund 1MDB. Financial regulator the Monetary Authority of Singapore (MAS) handed the punishment to Yeo Jiawei, noting he had being convicted of several 1MDB-linked charges, including money laundering, cheating and tampering with witnesses involved in the probe into the case. Yeo, a Singaporean who is a former wealth manager with Swiss bank BSI, is one of several bankers jailed over the affair in the city-state. He was jailed for 30 months in 2016 and was handed another 54-month sentence in July, which is running concurrently with his first jail term. MAS also handed down a three-year ban to Kevin Scully, chief executive of NRA Capital, saying it had failed to objectively valuate PetroSaudi Oil Services, another firm involved in the 1MDB case. The latest bans bring the total number of barred 1MDB-linked bankers in Singapore to eight, the financial regulator said.