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Singapore bans former HSBC, UOB bankers on fraud, dishonesty

Bloomberg Published on Thu, Apr 11, 2019 / 7:07 AM GMT+8

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SINGAPORE (April 11): Singapore has meted out lengthy bans to convicted former HSBC Holdings Plc and United Overseas Bank Ltd. bankers for fraud and dishonest conduct.

Emeline Tang, a former HSBC employee, was banned from providing any capital markets and financial advisory services for 20 years, the Monetary Authority of Singapore said in a statement on Wednesday. Former UOB employee Nguyen Duy Minh was banned for 12 years and John Koh, previously at NTUC Income Insurance Co-operative Ltd., was barred for 10 years, from providing financial advisory services, the statement said.

Tang, who has been sentenced to 10 years and six months in jail, cheated five people into handing over more than $5 million on the pretext of placing the money in fixed deposit accounts with the bank, the statement from the regulator said.