SINGAPORE (Dec 19): Sen Yue Holdings, the electro deposition (ED) coating service provider, says its board of directors have been informed by its lead independent director Kevin Norbert Scully of a prohibition order (PO) issued by the Monetary Authority of Singapore (MAS).

Scully, who serves as Sen Yue’s audit committee chairman and member of the nominating and remuneration committees, is also the executive chairman and founder of NRA Capital.

Under the prohibition order, Scully will be prohibited from providing any financial advisory service or acting as a representative in respect of any financial advisory service; as well as taking part in the management of, acting as a director of, or becoming a substantial shareholder of a licensed financial adviser or exempt financial adviser for a period of three years from Dec 18.  

Sen Yue says its nominating committee is in the midst of reviewing the matter, and will make the appropriate recommendations in the board in due course.

In May, MAS announced that Scully, along with other individuals linked to 1MDB related transactions including NRA’s former head of research, Lee Chee Waiy, had been served notice of the central bank’s intention to issue the POs.

MAS earlier in Nov said it was reviewing Scully’s written submissions as to why a PO should not be made against him.

See: UOB, Credit Suisse fined a total of $1.6 mil for 1MDB-linked transactions; former Falcon & BSI employees issued prohibition orders: Update

See: MAS issues Prohibition Orders against individuals in 1MDB-linked breaches; Yeo Jiawei gets life ban

Shares in Sen Yue closed 3.2% higher at 3.2 cents on Monday.