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12 May 2016
malaysiakini.com @malaysiakini
New charge against S’pore banker reveals SRC link to 1MDB saga
A new charge levelled by Singapore authorities against former private banker Yeo Jiawei has revealed SRC International’s link to the 1MDB saga.
According to Singapore-based Today Online, Yeo was charged with facilitating the transfer of US$11.95 million (RM48 million) from SRC International to Affinity Equity International Partners, a company owned by Tan Kim Loong.
The Wall Street Journal previously reported that Tan was the beneficiary owner of Tanore Finance when it was first set up, the same British Virgin Islands entity that sent US$681 million to Prime Minister Najib Abdul Razak’s personal bank accounts.
The US-based publication had also reported that Tanore Finance was the partial beneficiary of the US$3.5 billion that 1MDB was supposed to pay Aabar Investments PJS but was diverted to a British Virgin Islands company bearing a similar name – Aabar Investments PJS Limited.
The money from the wrong Aabar Investments PJS Limited passed through intermediaries before ending up in Tanore Finance.
The Singapore investigation is significant as it reveals the first link between SRC International and individuals connected to the 1MDB issue.
Previously, apart from SRC being a former subsidiary of 1MDB, it was never directly linked to the web of multi-million ringgit transactions by the Malaysian fund that is now the subject of international investigations.
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The new charge claimed Yeo fraudulently signed a December 2013 reference letter to Citigroup Inc’s head of anti-money laundering to facilitate the US$11.95 million transfer from SRC International to Equity International Partners Limited.
https://www.malaysiakini.com/news/341303
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28 April 2016
malaysiakini.com @malaysiakini
Former BSI banker faces additional charges after 1MDB probe
A former banker with the Singapore arm of Switzerland’s BSI Bank, who was charged with money laundering after the island state’s investigation into 1MDB, has been slapped with two new charges.
Yeo Jiawei now faces one count of cheating involving US$1.6 million and another for attempting to ‘pervert the course of justice’, in addition to the initial charge of receiving S$200,000 in his Bank of China account which was a ‘benefit of criminal conduct’, Channel NewsAsia reported.
The 33-year-old former banker was last week charged with an offence under the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act.
Singapore’s second solicitor-general Kwek Mean Luck, who led the prosecution, said the current investigation is “without a doubt the most complex cross-border investigation to date”.
In pressing the court to order Yeo’s continued remand without access to his lawyer, Kwek said Yeo had played a significant role in moving large amounts of money, and that investigations against him are “very much alive”.
https://www.malaysiakini.com/news/339570
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22 April 2016
S’porean charged with money laundering after 1MDB probe
Yeo Jiawei, a former wealth planner at the Singapore arm of Swiss private bank BSI SA, was charged on April 16, Bloomberg reports.
PETALING JAYA: Months of intense investigations into 1Malaysia Development Berhad (1MDB) by Singapore authorities has resulted in a former private banker being charged with money laundering.
According to Bloomberg, Yeo Jiawei, a former wealth planner at the Singapore arm of Swiss private bank BSI SA was charged on April 16 after investigations into the fund’s money flows led to him.
According to people familiar with the case who spoke to Bloomberg, Yeo had proposed investment products to 1MDB, and was questioned as part of Singapore’s probe into the company.
He was charged under Singapore’s Corruption, Drug Trafficking and Other Serious Crimes Act, according to the same sources, who also said prosecutors believed Yeo may have “concealed or disguised the benefits from criminal conduct.”
“If found guilty, he may be jailed for as long as 10 years and fined as much as S$500,000 (USD372,000). It’s not uncommon for Singapore prosecutors to amend or add charges as an investigation unfolds,” Bloomberg reported.
Yeo could not be reached for comment.
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Singapore seeks bank details on 1MDB probe – Sin Chew Jit Poh
Sin Chew Jit Poh |
Singapore seeks bank details on 1MDB probe
Sin Chew Jit Poh The Monetary Authority of Singapore confirms it has asked a number of banks to provide information on fund flows as part of a probe into possible money-laundering related to 1MDB. Singapore (AFP) — Singapore’s central bank confirmed Friday that it has … Luxembourg launches money laundering inquiry into Malaysian state fundChannel News Asia Malaysian PM probed on launderingThe Manila Times 1MDB probe: MAS asks Singapore banks to give informationThe Straits Times AsiaOne –South China Morning Post (subscription) –Business Standard all 73 news articles » |
Singapore (AFP) — Singapore’s central bank confirmed Friday that it has asked a number of banks to provide information on fund flows as part of a probe into possible money-laundering related to Malaysian state firm 1MDB.
The Monetary Authority of Singapore issued a statement following a report by The Australian newspaper saying that it has asked about 40 banks with operations in the city-state to provide information on the matter.
“MAS is able to confirm that as part of its investigations into possible money-laundering and other offences in Singapore, it has been conducting a thorough review of various transactions as well as fund flows through our banking system,” the central bank said.
“MAS has requested a number of financial institutions to furnish information relating to the review.”
It also said it was working closely with authorities in other financial centres because of the cross-border nature of the fund flows.
“Besides any enforcement actions by the relevant authorities in Singapore for possible violations of our laws, MAS will not hesitate to take regulatory actions against financial institutions should they be found to have breached our banking rules,” MAS said.
Transfers of as little as Au$50,000 ($38,365) are believed to be under scrutiny by the MAS, which is investigating whether the haul was split into small amounts in a bid to escape notice, The Australian said.
– See more at: http://www.mysinchew.com/node/113627/tid=13#sthash.qd3jEw3u.dpuf
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5 February 2016
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Singapore’s #1MDB probe: Banker assured S$1.7m fund transfer won’t be seized by authorities
SINGAPORE: A private banker whose bank accounts were frozen by Singapore authorities as part of investigations related to Malaysia state fund 1Malaysia Development Berhad (1MDB) has been allowed to remit S$1.7 million from his foreign accounts without the money being seized.
Mr Yak Yew Chee, who did not appear at the hearing, has had about S$9.7 million in his accounts seized and frozen for investigations into possible money laundering and other offences carried out since mid-2015. The Commercial Affairs Department and the Monetary Association of Singapore announced on Monday the seizure of a “large number” of bank accounts in relation to the debt-ridden 1MDB.
Mr Yak is said to be employed by wealthy Malaysian financier Low Taek Jho – also known as Jho Low – who has reportedly been involved in personal transactions with 1MDB.
On Friday (Feb 5), his lawyer, senior counsel Roderick Edward Martin, applied to the High Court for permission to remit S$1,756,578.45 from an Industrial and Commercial Bank of China (ICBC) account to pay taxes and legal fees. Mr Martin sought assurance from the prosecution that the authorities would not seize the funds once remitted to Singapore.
To that, the court said that the funds are in a foreign bank which falls outside the jurisdiction of authorities here, and Mr Yak was free to transfer the money.
http://www.channelnewsasia.com/news/singapore/singapore-s-1mdb-probe/2490554.html
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Private banker in 1MDB probe moved S$5.7 million overseas, had S$80k salary paid by cheque, say court documents
Private banker Yak Yew Chee withdraws request to release funds frozen in 1MDB probe
2 February 2016
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Jho Low’s private banker is first name to emerge from Singapore probe into 1MDB
SINGAPORE – The first name has emerged in an ongoing probe by Singapore authorities into bank accounts related to alleged financial mismanagement at Malaysian state investor 1Malaysia Development Berhad (1MDB).
Sources say he is Yak Yew Chee, a senior private banker with BSI Singapore, a Swiss bank. A check with the High Court shows that a criminal motion will be heard this Friday (Feb 5) at 10am.
He was the relationship manager for 1MDB Global Investments Ltd, Aabar Investment PJS Limited and SRC International Sdn Bhd and Low Taek Jho.
He is applying for the release of some of his bank accounts for the payment of taxes, legal fees and basic expenses, sources say.
In September last year, several of his bank accounts, amounting to about $10 million, were frozen as part of investigations surrounding 1MDB Global.
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CAD, MAS say they have been interviewing various individuals amid #1MDB probe
SINGAPORE: The Commercial Affairs Department and the Monetary Authority of Singapore have seized a “large number” of bank accounts in relation to a probe on troubled Malaysian state fund 1MDB, both said in a joint statement on Monday (Feb 1).
Their statement, issued in response to media queries, is as follows:
“Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds. Since the middle of last year, the Commercial Affairs Department and the Monetary Authority of Singapore have been actively investigating possible money-laundering and other offences carried out in Singapore. In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals, and have seized a large number of bank accounts.
Singapore is also cooperating closely with relevant authorities, including those in Malaysia, Switzerland and the United States. We have responded to all foreign requests for information and have requested for information from relevant counterparts to aid in our investigations. As investigations are still on-going, we are not able to provide more details at this stage.”
http://www.channelnewsasia.com/news/singapore/singapore-authorities/2478042.html?cid=twtcna
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Large number of bank accounts seized in S’pore in connection with 1MDB probe: MAS, CAD
Large number of bank accounts seized in S’pore in connection with 1MDB probe: MAS, CAD http://str.sg/Zjrd
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SINGAPORE – Authorites here have seized a large number of bank accounts in connection with their investigations into the 1Malaysia Development Bhd (1MDB) scandal, they said on Monday (Feb 1).
“Singapore does not tolerate the use of its financial system as a refuge or conduit for illicit funds. Since the middle of last year, the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) have been actively investigating possible money-laundering and other offences carried out in Singapore,” CAD and MAS said in a joint statement.
“In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals, and have seized a large number of bank accounts.”
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Malay Mail Online
Singapore says seized bank accounts as part of 1MDB probe
SINGAPORE, Feb 1 — Singapore said today it has seized a large number of bank accounts in connection with possible money-laundering offences related to investigations into alleged financial mismanagement at Malaysian state investor 1Malaysia Development Berhad (1MDB).
Singapore is cooperating with authorities in Malaysia, Switzerland and the United States on the investigations into 1MDB, the Monetary Authority of Singapore and the Commercial Affairs Department, the city-state’s white collar police, said in a statement.
“In connection with these investigations, we have sought and are continuing to seek information from several financial institutions, are interviewing various individuals, and have seized a large number of bank accounts,” the two agencies said in the statement.
The statement came after Switzerland’s chief prosecutor said last week a criminal investigation into 1MDB had revealed that about US$4 billion (RM16.6 billion) appeared to have been misappropriated from Malaysian state companies.
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22 July 2016
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#Singapore police freeze two bank accounts related to #1MDB probe http://tinyurl.com/o3jd7eh
Two bank accounts related to 1MDB probe frozen: Singapore police statement
Jul 22, 20158:58 AM
[SINGAPORE] Singapore’s police have frozen two bank accounts as part of an investigation linked to Malaysian sovereign fund 1MDB, which is being probed by authorities in Malaysia for financial mismanagement and graft. “On 15 July 2015, we issued orders under the Criminal Procedure Code to prohibit any dealings in respect of money in two bank accounts that are relevant to the investigation,” Singapore police said in a statement on Wednesday.
It did not identify the bank or the accounts in question because the investigation is continuing.
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Two #Singapore bank accounts linked to #1MDB scandal under police investigation http://str.sg/ZNzC
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SINGAPORE – The police are investigating alleged money laundering offences linked to two local bank accounts that are involved in the ongoing 1Malaysia Development Berhad (1MDB) saga.
According to a Business Times report, the Singapore Police Force (SPF) had issued orders to freeze both accounts on July 15.
Investigations fall under Section 47 of the Corruption, Drug Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of benefits) Act, Chapter 65A.
SPF also cited the Criminal Procedure Code to “prohibit any dealings in respect of money in two bank accounts that are relevant to the investigation.”
It was responding to the paper’s queries on whether it was looking into any money trail that could be linked to Singapore and if “any specific accounts related to individuals linked to 1MDB were being probed for suspicious transactions”.
The Monetary Authority of Singapore is also reportedly in contact with the revelant financial institutions.
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