SINGAPORE (Dec 19): The Monetary Authority of Singapore (MAS) has slapped ex-BSI banker Yeo Jiawei and former NRA Capital CEO Kevin Scully with prohibition orders (POs) on breaches related to the 1Malaysia Development Bhd (1MDB) scandal.

See: How 1MDB cheats skimmed millions of dollars in ‘secret profits’

MAS issued a lifetime PO against Yeo, and a 3-year PO against Scully. Both POs took effect from Dec 18, 2017.

To date, the central bank has issued bans against a total of eight persons involved in 1MDB-related breaches.

See: 1MDB-linked former private bankers to face lifetime ban

The POs will ban Yeo and Scully from providing any capital market 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 and financial advisory services firm in Singapore.

Yeo, a former wealth manager of BSI Bank, in July pleaded guilty on money laundering and cheating charges in relation to Malaysian sovereign wealth fund 1MDB.

State prosecutors had called Yeo “a member of Jho Low’s circle of associates”. Malaysian businessman Low Taek Jho, better known as Jho Low, is the alleged mastermind behind the 1MDB scandal.

Yeo was sentenced to imprisonment of 24 months for cheating BSI Bank of profits and 30 months for money laundering. Both sentences will run consecutively.

This brings his total jail term to 69 months – the longest sentence meted out so far in Singapore’s probes into 1MDB.

Yeo was already convicted in December last year on four counts of witness tampering, for which he was sentenced to 30 months’ jail.

See: Yeo Jiawei to assist CAD investigations on 1MDB, disgorge profits from money laundering and cheating charges

Meanwhile, MAS found that Scully had failed to ensure that NRA, which has been appointed to perform the valuation of PetroSaudi Oil Services Limited (PSOSL), had carried out the valuation with sufficient care, judgement and objectivity.

See: Sen Yue reviewing director Kevin Scully’s board position as MAS prohibition order takes effect

According to state prosecutors, NRA Capital was given the mandate to produce the valuation report after it confirmed it could reach a valuation target of US$2.4 billion, as requested by Yeo.

The details of the PSOSL valuation came to light in May following the conviction of former Maybank Kim Eng remisier Kelvin Ang Wee Keng for offences related to a web of international transactions surrounding 1MDB.

See: PetroSaudi Oil Services valuation comes to light following 1MDB-linked conviction

See also: Former remisier Kelvin Ang fined $9,000 in fifth 1MDB-related conviction

In a statement on Tuesday, MAS says it has decided to proceed with issuing the PO against Scully after careful consideration of his written representations and the relevant facts.