The Monetary Authority of Singapore (MAS) said on Tuesday (Dec 19) that it has issued Prohibition Orders (POs) against Mr Yeo Jiawei and Mr Kevin Scully which took effect from Monday.
Mr Yeo, a former BSI banker, was issued with a lifetime PO while NRA Capital CEO Mr Scully received a three-year PO.
MAS said it had earlier served notices of intention to issue the POs against Mr Yeo and Mr Scully in October and May 2017 respectively.
To date, MAS has issued POs against eight individuals involved in 1MDB-related breaches, said a statement.
Mr Yeo, a former wealth manager of BSI Bank, 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 investigations.
The PO will prohibit Mr Yeo from providing any capital markets and financial advisory services.
He will also not be able to take part in the management of, acting as director of, or become a substantial shareholder of any capital markets and financial advisory services firm in Singapore.
Mr Scully was the founder and CEO of NRA Capital, a licensed financial adviser. The cpmpany had been appointed to perform the valuation of PetroSaudi Oil Services (PSOSL).
MAS said that it found that he had failed to ensure that NRA’s valuation of PSOSL was “carried out with sufficient care, judgement and objectivity”.
It went ahead with issuing the PO against Mr Scully after careful consideration of his written representations and the relevant facts.
The PO will prohibit Mr Scully from providing any financial advisory services. He will also not be able to take part in the management of, acting as a director of, or become a substantial shareholder of any financial advisory services firm in Singapore, said MAS.
Mr Scully told The Business Times that “the staff will take over the business if they want to”.
The report added that a company at which Mr Scully is lead independent director at, Sen Yue Holdings, also announced on Tuesday that its nominating committee is reviewing the matter and will make recommendations in due course of his directorship.