Tuesday, 28 May 2024

MAS issues prohibition order against former AIG and Liberty insurance agent for corruption

5 min read

The Monetary Authority of Singapore has issued an eight-year prohibition order (PO) against Yeo Siew Liang James, a former insurance agent of AIG Asia Pacific Insurance Pte Ltd (AIG) and Liberty Insurance Pte Ltd (Liberty).

This follows his conviction by the State Courts for corruption offences. Under the PO, which took effect on 22 May 2023, Yeo is prohibited from carrying on business, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.

From March to June 2018, Yeo, acting without the knowledge of AIG and Liberty, gave bribes amounting to $71,211 on eight occasions to an Indonesian Embassy official as a reward for accrediting AIG and Liberty to sell performance bonds to employers of Indonesian foreign domestic workers. Yeo also gave a sum of $21,363 on 10 occasions to one other individual in exchange for arranging with the embassy official to show favour to AIG and Liberty in the accreditation. The bribe monies were part of the commissions that Yeo profited from the sales of the performance bonds by AIG and Liberty.

On 28 April 2021, Yeo was convicted by the State Courts of 18 counts of corruption under section 5(b)(i) of the Prevention of Corruption Act (Cap 241, 1993 Rev Ed). He was sentenced to 15 months imprisonment and fined $21,363.

Re-disseminated by The Asian Banker

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