1MDB scandal: MAS issues lifetime ban on ex-BSI Bank wealth manager

Picture for representation
Traffic passes a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur Reuters

The Monetary Authority of Singapore (MAS) on Tuesday issued a lifetime ban against former BSI Bank wealth manager Yeo Jiawei, and a three-year ban against NRA Capital founder Kevin Scully.

The ban will prohibit Yeo from providing any capital markets and financial advisory services and taking part in the management of any capital markets and financial advisory services firm in Singapore.

Yeo was investigated by the Commercial Affairs Department 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 central bank said in a statement.

Scully, chief executive of licensed financial adviser NRA Capital, which had been appointed to value PetroSaudi Oil Services, "failed to ensure NRA's valuation of PetroSaudi was carried out with sufficient care, judgment and objectivity".

MAS has issued prohibition orders against eight people involved in 1MDB-related breaches so far.

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.