A senior Swiss banker who pled guilty to involvement in the billion-dollar 1MDB graft scandal remains banned for life from Singapore, the city-state's regulator ruled.
The Monetary Authority of Singapore issued a permanent ban against Jens Sturzenegger, the former branch manager of Falcon Private Bank in Singapore, five months ago. The banker had pled guilty in January to six charges relating to the 1MDB scandal, which has engulfed Singapore and Swiss banks.
Now back in Switzerland after serving 28 weeks in jail, he later appealed against MAS’ decision to the government. Sturzenegger's appeal was dismissed by the government, meaning the lifetime ban against him in Singapore remains in place.
MAS made clear it will take a tough line on banker integrity and proper conduct. «Those who fall short of these standards will be dealt with firmly, to safeguard public trust in our financial institutions and Singapore’s reputation as a clean financial center,» said Ong Chong Tee, the deputy managing director of financial supervision at MAS.
Ex-BSI Banker Banned
MAS also intends to issue a permanent ban against Yeo Jiawei, a former wealth manager of BSI Bank from 2010 to 2014, the regulator said in a statement.
Yeo had been investigated by the Commercial Affairs Department on 1MDB-related matters. He was convicted by the State Courts in Singapore on several charges, including money laundering, cheating and tampering of witnesses.
The ban will prohibit Yeo for life from providing capital market and financial advisory services, taking part in the management of and acting as a director of, or becoming a substantial shareholder of any capital market and financial advisory services firm in Singapore.
