A former AIG Asia Pacific and Liberty Insurance agent has been sentenced with prohibition for eight years following his conviction of 18 counts of corruption in 2021.
James Yeo Siew Liang, who was convicted of bribing an Indonesian embassy official, is prohibited from carrying on business as, and taking part in the management of, any insurance intermediary as of May 22. This sentencing follows a previous 15-month stint in jail and a fine of more than SGD21,000.
In a report from CNA, the Monetary Authority of Singapore (MAS), who issued the prohibition, said that Yeo acted without the knowledge of both AIG and Liberty from March to June of 2018 and gave bribes amounting to SGD71,211 on eight occasions to an Indonesian embassy official. These bribes served as a reward for accrediting both insurers to sell performance bonds to employers of Indonesian foreign domestic workers.
"Mr Yeo also gave a sum of SGD21,363.30 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 statement from MAS said.
Earlier this year, the Insurance Authority (IA) of Hong Kong revoked an insurance agent’s license following the mishandling of premiums received from a client.
Two other men were fined and sentenced to jail terms for their roles in the crime.
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