The Monetary Authority of Singapore has issued prohibition orders against Messrs Kelvin Ang and Lee Chee Waiy, and intends to issue a further order against Mr Yeo Jiawei, for transgressions linked to the controversial Malaysian state investment company, 1Malaysia Development Berhad.

Mr Ang, a former representative of Maybank Kim Eng Securities Pte Ltd, was convicted of an offence under the Prevention of Corruption Act for bribing Mr Lee with S$3,000 to expedite the preparation of a valuation report on PetroSaudi Oil Services Limited (PSOSL). Mr Lee was the primary person at NRA Capital Pte Ltd who was working on the valuation of PSOSL. He had accepted the bribe from Mr Ang and had applied inappropriate methods in the valuation of PSOSL. Last year, the US Department of Justice alleged that between 2009 and 2011, under the pretence of investing in a joint venture between 1MDB and PetroSaudi International, a private Saudi oil extraction company, officials of 1MDB and others arranged for the fraudulent transfer of more than $1 billion from 1MDB to a Swiss bank account held in the name of Good Star Limited.

The orders prohibit Messrs Ang and Lee, for a period of 6 years, from providing any capital market and financial advisory services and from taking part in the management of, acting as directors of, or becoming substantial shareholders of any capital market and financial advisory services firms in Singapore. Meanwhile, the MAS has served notice of its intention to issue a permanent (i.e. lifelong) prohibition order against Mr Yeo, a former wealth manager at BSI Bank, whose parent bank resides in Switzerland. Last year, the regulator banished BSI and Falcon Private Bank for their part in the 1MDB saga. It revoked BSI's merchant banking licence for a number of infractions of anti-money-laundering laws and for the ‘gross misconduct’ of certain staff.

Mr Yeo, then, had been investigated by the Commercial Affairs Department (CAD) on 1MDB-related matters. He was convicted by the State Courts in Singapore on several charges, including money laundering, cheating and tampering with witnesses during the department’s investigation. The lifelong ban will keep Yeo from providing any capital market and financial advisory services and from 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.

In May, the MAS also said that it had issued a permanent prohibition order against Mr Jens Fred Sturzenegger, the former Singapore branch manager of Falcon Private Bank, and served notice of its intention to issue a 3-year order against Mr Kevin Scully, NRA’s Chief Executive Officer.Sturzenegger's appeal failed; Scully’s is still in progress.

So far, a total of six people involved in 1MDB-related misconduct have been banned, with two more in the pipeline.