MAS issues 8-year ban to former AIG, Liberty insurance agent

Yeo Siew Liang James was convicted of 18 counts of corruption in 2021.

The Monetary Authority of Singapore has issued an 8-year prohibition order (PO) against Yeo Siew Liang James, a former insurance agent of AIG Asia Pacific Insurance and Liberty Insurance, following his conviction for corruption offences.

Effective 22 May, Yeo is prohibited from carrying on business or taking part in the management of any insurance intermediary in Singapore for the period.

Yeo was convicted by the State Courts of 18 counts of corruption under Section 5 (b)(i) of the Prevention Corruption Act on 28 April 2021. He was sentenced to 15 months in prison and fined $21,363.30.

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Yeo is said to have given bribes amounting to $71,211 to Indonesian Embassy officials as a reward for accrediting AIG and Liberty to sell performance bonds to employers of Indonesian foreign domestic workers.

Yeo also reportedly gave a sum of $21,363.3 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.