Singapore's regulator slapped bans on two more bankers involved in the 1MDB scandal. It is the eighth such professional ban linked to the Malaysian graft scandal.
The Monetary Authority of Singapore said it will ban convicted banker Yeo Jiawei from working in finance in the city-state ever again, in a statement on Tuesday. The supervisor also banned another banker, Kevin Scully, founder and head of NRA Capital.
Neither ban is shocking:Jiawei was convicted of money-laundering and witness-tampering, and is serving a four-and-a-half year prison sentence. MAS said earlier this year that it intended to ban Scully. The CEO plans to step down from the financial services boutique firm he founded 18 years ago, local press reported.
High-Profile Bans
NRA, Scully's firm, conducted valuations of PetroSaudi, a Saudi Arabia-owned oil company which has emerged at the heart of the 1MDB scandal. «MAS found that Kevin Scully had failed to ensure that NRA’s valuation of Petrosaudi Oi Services was carried out with sufficient care, judgement and objectivity,» the regulator said.
The regulator has also banned higher profile bankers including Tim Leissner, formerly Goldman Sachs' man in southeast Asia, as well as Swiss banker Jens Sturzenegger, who was the branch manager of Falcon Private Bank when it was shut down over 1MDB dealings last year.
