MAS issues prohibition order to former AIG and Liberty insurance agent for corruption
Chong Xin Wei
THE Monetary Authority of Singapore has prohibited James Yeo Siew Liang, a former insurance agent at AIG Asia Pacific Insurance and Liberty Insurance, from carrying on business and from taking part in the management of any insurance intermediary.
These prohibitions were issued after Yeo was convicted by the State Courts for corruption offences, said the central bank in a media statement on Tuesday (May 23).
Yeo will be prohibited from taking part in these business activities for eight years, starting from May 22 this year.
Between March and June 2018, Yeo bribed an Indonesian embassy official on eight occasions to accredit AIG and Liberty to sell performance bonds to employers of Indonesian foreign domestic workers. The bribe money amounted to S$71,211.
He also gave a sum of S$21,363.30 on 10 occasions to another individual for arranging with the embassy official to show favour to the insurance companies in the accreditation.
The bribe monies were part of the commissions that Yeo earned from the sales of the performance bonds by AIG and Liberty.
Yeo was convicted of 18 counts of corruption under the Prevention of Corruption Act on Apr 28, 2021.
He was sentenced to 15 months’ imprisonment and fined S$21,363.30.
Copyright SPH Media. All rights reserved.
