More to come
Further prohibition orders are to be issued against Ang Wee Keng Kelvin, a former representative of Maybank Kim Eng Securities (MKES); Kevin Scully, the chief executive of NRA Capital (NRA), and Lee Chee Waiy, the firm’s former head of research.
Through Ang’s introduction, NRA was appointed to perform the valuation of PetroSaudi Oil Services Ltd (PSOSL). On 24 May 2017, Ang was convicted of an offence under the Prevention of Corruption Act for bribing Lee with S$3,000 to expedite the preparation of the valuation report on PSOSL.
Lee had been the primary person in NRA working on the valuation. Apart from accepting the bribe, he was also found to have applied inappropriate methodology and assumptions in the valuation of PSOSL.
As chief executive of NRA, Scully failed to ensure that his analyst, Lee, had exercised sufficient care, judgment and objectivity in the valuation of PSOSL.
The proposed ban will prohibit Ang from providing any capital markets and financial advisory services; and taking part in the management of, acting as a director of, or becoming a substantial shareholder of any capital market services and financial advisory firm in Singapore for six years.
Lee and Scully will be banned from the same for a period of six and three years, respectively.
Action
Arising from its extensive review, Mas has also shut down two merchant banks, BSI Bank and Falcon Bank.
Financial penalties of S$29.1m in aggregate have been imposed on eight banks (BSI Bank, Falcon Bank, DBS, UBS AG, Standard Chartered Bank, Coutts, Credit Suisse and UOB) for various breaches of AML requirements.
Prohibition orders, ranging from 10 years to a lifetime, have been issued against four former employees of financial institutions implicated in these transactions, with three more expected.
