atans1

Head of research paid peanuts?

In Financial competency on 31/05/2017 at 5:20 am

He took a $3000 bribe. What a cheapskate.

MAS also served notice of its intention to issue POs against the Chief Executive Officer of NRA Capital (NRA), Mr Kevin Scully, and its former Head of Research, Mr Lee Chee Waiy.

Through Mr Ang*’s introduction, NRA was appointed to perform the valuation of PetroSaudi Oil Services Limited (PSOSL). On 24 May 2017, Mr Ang was convicted of an offence under the Prevention of Corruption Act for bribing Mr Lee with S$3,000 to expedite the preparation of the valuation report on PSOSL.

MAS said Mr Lee had been the primary person in NRA working on the valuation. Apart from accepting the bribe, he was also found to have applied inappropriate methodology and assumptions in the valuation of PSOSL. As CEO of NRA, Mr Scully had failed to ensure that his analyst, Mr Lee, had exercised sufficient care, judgment and objectivity in the valuation of PSOSL, MAS added.
Read more at http://www.channelnewsasia.com/news/singapore/financial-penalties-imposed-on-credit-suisse-and-uob-for-1mdb-8894194

*Mr Ang Wee Keng Kelvin, a former remiser at Maybank Kim Eng Securities.

Related post on financial people doing risky but unluctative things that have negative consequences for their careers. 

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