A key prosecution witness in the trial of former BSI banker Yeo Jiawei admitted he received more than USD4 million for his role as Yeo’s partner in kickback deals linked to scandal-hit state fund 1Malaysia Development Berhad (1MDB), the Straits Times reported today.
Samuel Goh Sze-Wei, the former head of agency distribution at NTUC Income, but who is now unemployed, was giving evidence on Day 5 of the trial of Yeo who faces four counts of perverting the course of justice by allegedly urging witnesses to lie to the police in connection with money laundering.
The state court heard last week that Yeo allegedly asked Goh to set up a shell company to act as an intermediary between a fund management company that received payment from a 1MDB-linked shell company, Brazen Sky, and firms controlled by Yeo and his then BSI supervisor, Kevin Swampillai.
This shell company was identified as Bridge Global Managers.
Under cross examination by Yeo’s lawyer, Philip Fong, Goh said he received half of the USD1.795 million made over two years by Bridgerock Investment, the firm controlled by Yeo.
The Straits Times reported that Yeo had allegedly arranged for Bridgerock and GTB Investment, the firm controlled by Swampillai, to receive a significant portion of referral fees for their own benefit.
These “secret profits” came in the form of a “referral fees” arrangement, whereby a portion of the management fees paid by Brazen Sky to fund manager Bridge Partners Investment Management (Cayman) Ltd (BPIM), went to Bridge Global Managers before passing to the firms owned by Yeo and Swampillai.
Goh, 41, also testified that he received more than USD2.25 million from another deal involving Aabar Investments PJS, the main shareholder of Falcon Bank, the second bank shut down by Singapore regulators.
Singapore authorities had earlier said the 1MDB fund flows being investigated included those linked to Aabar Investments PJS (BVI) and Aabar Investments PJS Ltd (Seychelles).
Goh, 41, last Thursday told the court how Yeo was the one who first approached him sometime in 2012 to look for a licensed fund manager for a fiduciary fund structure.
Goh then referred fund manager BPIM to Swiss bank BSI and said Yeo offered him a cut.
Source : FMT Online