EMMANUEL NYARKO YANKSON (Employment as commodities futures broker)

Dr Ahmad Mattar asked the Minister for Finance how the "Man-in-the-Tent", Emmanuel Nyarko Yankson, could become a commodities futures broker in Singapore's respectable financial district.

Dr Richard Hu Tsu Tau: Yankson entered Singapore on 6th February 1991 and was given a two-week social visit pass. He did not extend his pass when it expired. Neither did he obtain an employment pass or a work permit to work in Singapore. As Members are aware, Yankson has been convicted for housebreaking, theft and overstaying in Singapore, and is currently in jail.

Between 1991 and the time of his arrest, Yankson worked as a freelance commodity broker for two firms, both of which are not licensed by the authorities. Only companies that trade in gold, financial, energy or rubber futures need to be licensed under either the Futures Trading Act or the Commodity Futures Act. Trading in futures of commodities other than those mentioned above presently are not required to be licensed.

The Immigration Department is currently investigating the case with a view to charging the two companies if an offence has been committed.