Singapore Adjusts Punishments On Wealth Manager Miscreants

Tom Burroughes

15 October 2018

Singapore’s financial regulator has varied prohibition orders against two senior figures working in the Asian city-state, cutting the period of a ban on one of the persons and easing its impact on another.

A four-year ban had been imposed on Lim Fang Wee, a former , a licenced financial advisor.

On 19 December 2017, MAS banned Scully for three years, with effect from 18 December 2017. The regulator had acted because Scully’s “past performance was unsatisfactory”. He hadn’t ensured that NRA’s valuation service was performed with sufficient care, judgment and objectivity, MAS said in a statement. The decision was changed after Scully appealed the matter.

Scully can remain as a substantial NRA shareholder so long as he undertakes 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, other than receive dividends that shareholders might approve. Scully must also tell NRA’s directors and managers that he has made this undertaking and prove to MAS he has done so.

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