Singapore MAS Bans AIG & Liberty Insurance Agent 8 Years for Corruption Following Jail Sentence of 15 Months, Bribed Indonesia Embassy Officers 18 Times Totalling S$92,574 to Sell AIG Insurance and Liberty Insurance Performance Bonds to Employers of Indonesian Foreign Domestic Workers
24th May 2023 | Singapore
Singapore central bank Monetary Authority of Singapore (MAS) has issued a 8-year ban (Prohibition Order) to former AIG and Liberty insurance agent (Yeo Siew Liang James) for corruption following his jail sentence of 15 months for bribing Indonesia embassy officers 18 times totalling S$92,574 to sell AIG Insurance and Liberty Insurance performance bonds to employers of Indonesian foreign domestic workers. In April 2021, Yeo Siew Liang James was convicted by Singapore State Courts for 18 counts of corruption, and sentenced to 15 months jail-term and fined S$21,363.30. Singapore MAS: “The Monetary Authority of Singapore has issued an 8-year prohibition order (PO) against Mr Yeo Siew Liang James, a former insurance agent of AIG Asia Pacific Insurance Pte Ltd (AIG) and Liberty Insurance Pte Ltd (Liberty). This follows his conviction by the State Courts for corruption offences. Under the PO, which took effect on 22 May 2023, Mr Yeo is prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966. From March to June 2018, Mr Yeo, acting without the knowledge of AIG and Liberty, gave bribes amounting to S$71,211.00 on 8 occasions to an Indonesian Embassy official as a reward for accrediting AIG and Liberty to sell performance bonds to employers of Indonesian foreign domestic workers. Mr Yeo also gave a sum of S$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 Mr Yeo profited from the sales of the performance bonds by AIG and Liberty.” More info below:
“ Singapore MAS Bans AIG & Liberty Insurance Agent 8 Years for Corruption Following Jail Sentence of 15 Months, Bribed Indonesia Embassy Officers 18 Times Totalling S$92,574 to Sell AIG Insurance and Liberty Insurance Performance Bonds to Employers of Indonesian Foreign Domestic Workers “
Section 5(b)(i) of the Prevention of Corruption Act (Cap 241, 1993 Rev Ed) – Any person who shall by himself or by or in conjunction with any other person — (b) corruptly give, promise or offer to any person whether for the benefit of that person or of another person, any gratification as an inducement to or reward for, or otherwise on account of — (i) any person doing or forbearing to do anything in respect of any matter or transaction whatsoever, actual or proposed; shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 5 years or to both.
Singapore MAS Bans AIG & Liberty Insurance Agent 8 Years for Corruption Following Jail Sentence of 15 Months
MAS issues Prohibition Order against Yeo Siew Liang James for Corruption
23rd May 2023 – The Monetary Authority of Singapore has issued an 8-year prohibition order (PO) against Mr Yeo Siew Liang James, a former insurance agent of AIG Asia Pacific Insurance Pte Ltd (AIG) and Liberty Insurance Pte Ltd (Liberty). This follows his conviction by the State Courts for corruption offences.
Under the PO, which took effect on 22 May 2023, Mr Yeo is prohibited from carrying on business as, and from taking part in the management of, any insurance intermediary under the Insurance Act 1966.
From March to June 2018, Mr Yeo, acting without the knowledge of AIG and Liberty, gave bribes amounting to S$71,211.00 on 8 occasions to an Indonesian Embassy official as a reward for accrediting AIG and Liberty to sell performance bonds to employers of Indonesian foreign domestic workers. Mr Yeo also gave a sum of S$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 Mr Yeo profited from the sales of the performance bonds by AIG and Liberty.
On 28 April 2021, Mr Yeo was convicted by the State Courts of 18 counts of corruption under section 5(b)(i) of the Prevention of Corruption Act (Cap 241, 1993 Rev Ed). He was sentenced to 15 months’ imprisonment and fined S$21,363.30.
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