22.12.2016

Ex-BSI banker jailed for 30 months over 1MDB investigation

400Former BSI banker Yeo Jiawei was found guilty for his role in the most complex, sophisticated and largest money-laundering case involving billions of dollars alleged to have been misappropriated from 1Malaysia Development Berhad (1MDB). Singapore sentenced former Yeo Jiawei to 30 months in jail after a 12-day trial. He is the third BSI banker convicted in the city state this year.

The prosecutors had charged that Yeo had amassed $16.55 million by taking secret profits from 1MDB-linked transactions during his work for the Singapore unit of BSI.

Yeo, who worked for BSI from 2009 to 2014, has repeatedly denied any wrongdoing during the month-long trial. He faces another seven charges for money laundering, cheating and forgery. A second trial is expected in April next year.


Singapore's central bank in May ordered the closure of the operations of the Singapore unit of the Swiss private bank and asked the Attorney General's Chambers to investigate six members of its senior management and staff.
Two of them, Yvonne Seah and Yak Yew Chee have already been convicted and sentenced on charges stemming from the money-laundering investigation linked to 1MDB.
The Malaysian fund, founded by Prime Minister Najib Razak, who previously chaired its advisory board, is the subject of money laundering investigations in at least six countries, including Switzerland, Singapore and the United States.

Najib has denied any wrongdoing and said Malaysia will cooperate with the international investigations.






Events


Semptember 2015
  • 21
    Feb

    Blockchain & Bitcoin Conference is a series of blockchain events held in Russia, Ukraine, Netherland

  • 01
    Mar

    The Lead Quantitative & Asset Management Event in Europe

  • 16
    Mar

    Das Swiss Funds & Asset Management Forum ist die national führende Konferenz der Fonds- und Asset M

  • 20
    Mar

    Seize the opportunity to get up to date on the topics of secondary buyouts, the real estate bubble,

  • 15
    May

    The aim of this forum is to offer an additional incentive for pension fund representatives to visit

See All

newsletter

Updates and news from MarketPlus