Singapore bans 2 more people from finance for breaches

By BLOOMBERG

SINGAPORE • Singapore banned two more financial professionals over breaches related to 1Malaysia Development Bhd (1MDB), taking to eight the number of prohibitions handed down by the city in connection with the troubled state investment fund.

The Monetary Authority of Singapore (MAS) issued a lifetime prohibition order on former private banker Yeo Jiawei and placed a three-year ban on Kevin Scully, the former CEO of NRA Capital Pte Ltd, it said yesterday.

Singapore is taking steps to safeguard its reputation in the aftermath of the largest money-laundering probe in its history.

The city shut the local units of two Swiss banks, seized hundreds of millions in assets and convicted several people over offenses connected to 1MDB, which has consistently denied wrongdoing.

Yeo, who worked at the local unit of Swiss private bank BSI SA, was convicted by the Singapore courts on charges including money laundering and witness tampering, the MAS said.

The MAS said Scully failed to ensure that NRA Capital used enough care, judgment and objectivity when it performed a valuation of PetroSaudi Oil Services Ltd. The Saudi oil explorer had formed a joint venture with 1MDB.