SINGAPORE: Kevin Scully, the former chief executive officer of licensed financial adviser NRA Capital (NRA), will be allowed to continue as a substantial shareholder of the company on certain conditions, the Monetary Authority of Singapore (MAS) said in a media release on Wednesday (Oct 10).
The decision was made after Mr Scully appealed against a three-year prohibition order issued by MAS last year, which prohibited him from becoming a substantial shareholder of any financial advisory services firm under the Financial Advisers Act (FAA).
Advertisement[h=3]READ: 1MDB scandal: Singapore issues more financial bans[/h]The order also prohibited him from providing any financial advisory services under the FAA as well as taking part in the management of or acting as a director of any financial advisory services firm under the act.
NRA Capital had been appointed to perform the valuation of PetroSaudi Oil Services, an entity implicated in the 1Malaysia Development Berhad (1MDB) scandal.
When it issued its prohibition order, MAS said it found that Mr Scully had failed to ensure NRA’s valuation of PetroSaudi Oil Services was carried out with sufficient care, judgment and objectivity.
AdvertisementAdvertisementMr Scully then appealed against MAS' decision. Following a hearing by the authority's Appeals Advisory Committee, the former CEO's prohibition order was varied to allow him to continue as a substantial shareholder on certain conditions.
Said MAS: "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."
Apart from this variation, Mr Scully's prohibition order will continue to be in effect for three years from Dec 18, 2017.
FORMER CREDIT SUISSE BANKER HAS PROHIBITION ORDER SHORTENED
Meanwhile Lim Fang Wee, a former banker from Credit Suisse in Singapore, has had the length of his four-year prohibition order shortened to three years, with effect from Apr 30 this year.
Lim 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, said MAS.
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