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BSI Bank ordered to shutdown by the Monetary Authority of Singapore

Accepted submission by at 2016-05-24 08:32:59
Business

http://www.channelnewsasia.com/mobile/singapore/mas-orders-bsi-bank-to/2811530.html [channelnewsasia.com]

The Monetary Authority of Singapore (MAS) announced on Tuesday (May 24) it has ordered the closure of Switzerland’s BSI Bank in Singapore.

This is the first time in over 30 years that a merchant bank in Singapore has been ordered to shut down. In 1984, Jardine Fleming (Singapore) was ordered to close over serious lapses in its advisory work.

Six members of the bank’s senior management and staff have been referred to the Public Prosecutor to evaluate whether they have committed criminal offences, MAS said.

The six are former CEO Hans Peter Brunner, former Deputy CEO Raj Sriram, head of wealth management services Kevin Michael Swampillai, who is currently suspended by the bank, former senior private bankers Yak Yew Chee and Seah Yew Foong, and former wealth planner Yeo Jiawei, who is currently in remand and has been charged for various offences.


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