1MDB scandal is not over: Singapore bans two more people involved in the case

Singapore banned two more financial professionals over breaches related to 1Malaysia Development Bhd., taking to eight the number of prohibitions handed down by the city in connection with the troubled state investment fund, Blooomberg reported on Tuesday.

The Monetary Authority of Singapore issued a lifetime prohibition order on former private banker Yeo Jiawei and placed a three-year ban on Kevin Scully, the former chief executive officer of NRA Capital Pte, it said Tuesday.

Allegations that huge sums were misappropriated from 1MDB through money-laundering triggered a corruption scandal that has embroiled Malaysian Prime Minister Najib Razak, who founded the fund. Najib and the fund have denied wrongdoing. 

Yeo, a Singaporean who is a former wealth manager with Swiss bank BSI, is one of several bankers jailed over the affair in the city-state.  MAS said the prohibition order will prohibit Yeo from providing any capital markets and financial advisory services.

He will also not be able to take part in the management of, acting as a director of, or becoming a substantial shareholder of any capital markets and financial advisory services firm in Singapore, it added.

On Tuesday MAS also handed down a three-year ban to Kevin Scully, chief executive of NRA Capital, saying it had failed to objectively valuate PetroSaudi Oil Services, another firm involved in the 1MDB case. 

Including these latest actions, MAS has now issued prohibition orders against eight people involved in 1MDB-related breaches.

Once a pet project of Malaysian Prime Minister Najib Razak, who chaired its advisory board, 1MDB is the subject of money-laundering investigations in at least six countries including Switzerland, Singapore and the United States. Najib has denied any wrongdoing.

Singapore's central bank had said in May that it had ended its two-year review of banks with 1MDB-linked transactions.