The Monetary Authority of Singapore has issued an 8-year prohibition order (PO) against former insurance agent James Yeo Siew Liang.
Under the PO, which took effect on May 22, Yeo is prohibited from working as an insurance agent, and neither could he be part of any insurance firm's management.
Yeo, who was with AIG Asia Pacific Insurance Pte Ltd (AIG) and Liberty Insurance Pte Ltd (Liberty), has on April 21 2021 been convicted for corruption.
According to MAS, between March to June 2018, Yeo gave bribes amounting to $71,211.00 on 8 occasions to an Indonesian Embassy official.
The bribe was paid as a reward for accrediting AIG and Liberty to sell performance bonds to employers of Indonesian foreign domestic workers.
He did so without the knowledge of AIG and Liberty,
See also: SGX RegCo issues notice of compliance to Boustead and Boustead Projects
Yeo also gave $21,363.30 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.
Yeo was found guilty on 18 counts of corruption and he was sentenced to 15 months behind bars and fined $21,363.30.
