Hornbill Unleashed

July 13, 2017

Singapore banker admits to money laundering in 1MDB-linked case

Filed under: Politics — Hornbill Unleashed @ 8:01 AM

yeo-1mdb-guiltyYeo Jiawei, a former banker serving the longest jail term in Singapore’s probes linked to 1Malaysia Development Bhd (1MDB), admitted to money laundering.

Yeo, who also pleaded guilty Wednesday to cheating his former employer, was handed a 30-month term in December on charges of trying to tamper with witnesses in the probe.

The former BSI SA wealth planner’s admission of guilt comes after the Monetary Authority of Singapore wrapped up a two-year probe into fund flows related to the Malaysian investment fund. Prosecutors identified Yeo as a central figure linked to Malaysian financier Low Taek Jho, who was characterised by U.S. investigators as the controller of a plan to drain billions from 1MDB.

The Malaysian fund, at the heart of several money laundering and corruption probes across the globe, has consistently denied any wrongdoing. Low has previously described his role with 1MDB as informal consulting that didn’t break any laws.

Yeo had referred to Low as “boss” and spent at least one night at his house, according to earlier court proceedings. Yeo said it was a misunderstanding that he worked for Low.

Singapore has imposed a total of S$29.1 million in penalties on eight banks as part of its 1MDB probes. Credit Suisse Group AG and United Overseas Bank Ltd. were among the firms that paid penalties, while BSI and Falcon Private Bank Ltd. were also ordered to shut their local operations. Five people, including Yeo, have been convicted in Singapore, the only country so far to have criminally charged bankers.

Yeo accumulated a net worth of S$23.9 million through “secret profits” in the 15 months after he left BSI in June 2014, prosecutors said in an earlier hearing. Yeo had said the money was earned legitimately.


Source : FMT Online by Bloomberg


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1 Comment »

  1. PM Najib claimed that a portion of 1MDB’s revenue is used for various initiatives to help the people, which range from housing to education. But 1MDB cannot even service its loans and bonds.

    So, are there any profits from the revenue especially when the capital is almost gone – most of the RM42 billion?

    Comment by TPK — July 13, 2017 @ 10:38 AM | Reply


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