Variation of Prohibition Orders against Ms Zheng Xuemei
Singapore, 22 March 2019… The Minister in Charge of the Monetary Authority of Singapore (MAS) has shortened the duration of the prohibition orders made by MAS against Ms Zheng Xuemei from two years to one year.
2 On 17 May 2018, MAS announced the issuance of prohibition orders against Ms Zheng for a period of two years, with effect from 14 May 2018. The orders prohibit her from performing any regulated activity under the Securities and Futures Act (SFA) and from providing any financial advisory service under the Financial Advisers Act (FAA). She is also prohibited 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 (i) Ms Zheng had not honestly carried out her duties to her client as an appointed representative of a financial institution, and (ii) Ms Zheng’s performance as an appointed representative was unsatisfactory.
4 Ms Zheng subsequently appealed to the Minister against MAS’ decision. Following the hearing by MAS’ independent Appeals Advisory Committee (AAC), the Minister has decided to reduce the length of the prohibition orders.
Any person who is aggrieved by MAS’ decision to issue a prohibition order against him is entitled to appeal to the Minister in charge of MAS
MAS issued its 4th Enforcement Report on 19 September 2023. Published every 18 months, the report updates on enforcement matters in the financial markets, highlights key outcomes and outlines MAS' enforcement priorities.
MAS has issued nine-year prohibition orders against Mr Zhu Su and Mr Kyle Livingston Davies for contraventions of the Securities and Futures Act 2001 and Securities and Futures (Licensing and Conduct of Business) Regulations. Mr Zhu was the Chief Executive Officer and Director of Three Arrows Capital Pte Ltd, while Mr Davies was the Chairman and Director.
MAS has issued lifetime prohibition orders (POs) against Mr Ng Chong Hwa, also known as Roger Ng, a former Managing Director of Goldman Sachs (Singapore) Pte. The POs were issued following Mr Ng’s conviction in the United States for conspiracy to launder monies embezzled from 1MDB, and violation of the United States’ Foreign Corrupt Practices Act.