Singapore slaps prohibition orders against two financial advisers over 1MDB-related breaches

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 prohibition orders against two financial advisers involved in breaches related to Malaysia's 1MDB fund.

The prohibition order was issued against NRA Capital Founder Kevin Scully from financial advisory work for a period of three years, according to an announcement by Sen Yue Holdings, a company at which Scully is lead independent director.

A lifetime prohibition order was issued against former BSI banker Yeo Jiawei.

Yeo was investigated by the Commercial Affairs Department on 1MDB-related matters and convicted on a number of charges, including money laundering, cheating and tampering with witnesses during the investigation.

MAS issued the prohibition order will prohibit Yeo from providing any capital markets and financial advisory services.

In November, the MAS had said that it was reviewing written submissions by Scully and that the decision will be announced when the review was completed.

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.