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MAS prohibition orders against ex-Credit Suisse banker and ex-CEO of NRA Capital varied on appeal to minister

  • Oct 12, 2018

Two former finance professionals have had the terms of Monetary Authority of Singapore (MAS) prohibition orders against them varied upon appeal to the minister in charge of the central bank.

Former Credit Suisse banker Lim Fang Wee - who was barred on April 30, 2018 from carrying out activities regulated under the Securities and Futures Act (SFA) and financial advisory services under the Financial Advisers Act (FAA) - has had his four-year ban reduced to three years.

He  also cannot be a management team member, director or substantial shareholder of any capital market services firm or financial advisory firm under the two acts.

Meanwhile, Kevin Scully, the former chief executive of financial advisory firm NRA Capital, has now been allowed to stay on as a substantial shareholder of the FAA-licensed firm.

READ THE ARTICLE by BUSINESS TIMES

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