Singapore, 10 October 2018… The Minister in Charge of the Monetary Authority of Singapore (MAS) has varied the prohibition orders made by MAS against two individuals.

Prohibition Orders against Mr Lim Fang Wee

2   On 3 May 2018, MAS announced the issuance of prohibition orders against Mr Lim Fang Wee for a period of four years, with effect from 30 April 2018. The orders prohibit him from performing any regulated activity under the Securities and Futures Act (SFA) and any financial advisory service under the FAA, as well as from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA and any financial advisory firm under the FAA.

3   MAS had issued the prohibition orders on the grounds that Mr Lim (i) has not honestly carried on business in the type of regulated activity for which he had been appointed, and (ii) is not a fit and proper person to be appointed to carry such business. Mr Lim, a former representative of Credit Suisse AG, Singapore Branch, had deliberately concealed the identity of the true beneficial owner of three accounts with the bank, making it more difficult for the bank to monitor and detect suspicious transactions.

4   Mr Lim appealed to the Minister against MAS’ decision. Following the hearing by MAS’ Appeals Advisory Committee (AAC), the Minister has decided to vary the length of the prohibition orders from four years to three years, with effect from 30 April 2018.

Prohibition Order against Mr Kevin Scully

5   On 19 December 2017, MAS announced that it had issued a prohibition order against Mr Kevin Scully for a period of three years, with effect from 18 December 2017. The order prohibits Mr Scully from providing any financial advisory services under the Financial Advisers Act (FAA); and taking part in the management of, acting as a director of, or becoming a substantial shareholder of any financial advisory services firm under the FAA.

6   MAS issued the prohibition order on the grounds that Mr Scully’s past performance was unsatisfactory. Mr Scully, the former Chief Executive Officer (CEO) of NRA Capital Pte Ltd (NRA), a licensed financial adviser under the Financial Advisers Act, had failed to ensure that NRA’s valuation service was performed with sufficient care, judgment and objectivity.

7   Mr Scully appealed to the Minister against MAS’ decision. Following the hearing by the AAC, the Minister has decided to vary the prohibition order to allow Mr Scully to continue as a substantial shareholder of NRA. This is on the condition that he submits an undertaking to MAS not to exercise any rights over the shares he owns in NRA that would enable him to directly or indirectly influence the management and operations of NRA in any manner, aside from the receipt of dividends that may be approved solely by the other shareholders of NRA. Mr Scully is also to inform the directors and management of NRA of the undertaking he has provided to MAS and furnish proof of having done so to MAS.

8   Apart from this variation, the Minister decided that the prohibition order issued against Mr Scully will continue to be in effect for a period of three years from 18 December 2017.

9   MAS will continue to take strong and proportionate enforcement action to detect, investigate and deter wrongdoing, so as to maintain public confidence and protect the integrity of the financial industry in Singapore.

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Additional information

Any person who is aggrieved by MAS’ decision to make a prohibition order against him is entitled to appeal to the Minister in charge of MAS¹. When such an appeal is made, an Appeal Advisory Committee (AAC) comprising of three members will be constituted from a panel of experts drawn from the financial services industry, professional bodies and the judiciary². The AAC will conduct a hearing with representations from MAS and the subject of the prohibition order³, and thereafter submit a written report to the Minister. The Minister will take into consideration this report in making his final decision.

¹ Under section 101A(5) of the SFA and section 59(4) of the FAA
² Under section 310 of the SFA and section 91 of the FAA
³ This procedure is set out in the Securities and Futures (Appeals) Regulations 2005 and the Financial Advisers (Appeals) Regulations