On 2 September 2021 MAS issued a four-year prohibition order (PO) against Mr. Lan Kangming and a three-year PO against Mr. Wee Toon Lee. These actions were enforced following their convictions at the State courts.
Both individuals were former representatives of UOB Kay Hian Private Limited (UOBKH). Under the PO effective from 1 September 2021 they will be prohibited from performing any regulated activity and from taking part in the management or becoming a substantial shareholder of any CMS firms under SFA.
This was revealed as part of an inspection conducted by MAS on UOBKH between June and August 2018. Mr. Lan was Mr. Wee’s superior. The due diligence report submitted to MAS was false and without the sufficient background checks that are required. Both were charged with three counts of furnishing false information to MAS investigators under section 162(3)of the SFA and pleaded guilty and fined on 9 March 2021.
MAS expects representatives of issue managers to act with honesty and integrity at all times.
Please click here for more information on the enforcement action.