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MAS varies prohibition order against two individuals

MAS varies prohibition order against two individuals

The Monetary Authority of Singapore (MAS) has varied the prohibition orders against two individuals following an appeal to the minister in charge of the regulator. 

Former Credit Suisse banker Lim Fang Wee, who was previously banned from performing any regulated activity and financial advisory service, had prohibition orders reduced from four to three years.

MAS had issued prohibition orders to Lim in May, on the grounds that he had deliberately concealed the identity of the true beneficial owner of three accounts at Credit Suisse’s Singapore branch - making it more difficult for the bank to detect suspicious transactions.

Meanwhile, Kevin Scully the former CEO of equity research firm NRA Capital, can now continue as a substantial shareholder of the company, on the condition that he submits an undertaking to MAS.

He must also inform the directors and management of NRA of the undertaking he has provided to MAS and furnish proof of having done so to MAS.

Scully's prohibition order that prevents him from providing any financial advisory remains unchanged, however.

MAS said the minister decided that the prohibition order issued against Scully will continue to be in effect for a period of three years from December 2017.

Last year, MAS found that Scully had failed to ensure that NRA’s valuation of PetroSaudi Oil Services - which is partially owned by 1Malaysia Development Berhad - was carried out with sufficient care, judgement and objectivity.

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